Pi Coin (PI), will it reach $0.10? August 11th will decide its fate

▲ Pi Network (PI)/AI generated image ©

Pi Coin (Pi Network, PI), with renewed expectations for a network upgrade, surged over 5% against the bearish market, challenging the $0.10 mark.

According to CoinMarketCap, a cryptocurrency market data aggregator, on August 1st (local time), Pi Coin was trading at $0.0865, up 5.10% over 24 hours. Unlike the overall cryptocurrency market's weak performance, PI showed a notable uptrend ahead of the network upgrade deadline scheduled for August 11th.

The Pi Core Team announced that Mainnet node operators must complete the Protocol 26 upgrade by August 11th. The presentation of a specific schedule reduced uncertainty about the project's development continuity and roadmap, attracting buying interest as a short-term positive catalyst. For the upward trend to continue, the upgrade must be successfully completed within the deadline.

Optimistic investor sentiment and expectations of a technical breakthrough within the community also contributed to the price increase. PI ranked high in investor sentiment, and on social media, discussions revolved around a rising wedge pattern and the possibility of breaking through the $0.087-$0.089 resistance level. However, trading volume decreased by 3.43%, indicating that this rise was not supported by a strong influx of new funds. It is analyzed that individual investors' expectations and chart trends amplified the gains, as no clear additional positive catalysts were confirmed.

The short-term support zone is $0.080-$0.082. If the price maintains this level and closes above $0.089 with accompanying trading volume, the possibility of rising to $0.10 opens up. Conversely, if $0.080 breaks, the upward trend will be invalidated, and a retracement to near recent lows may occur. The future direction depends on whether the upgrade expectations can lead to an actual technical breakthrough.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*