What to know:
- PI price has recovered from July lows and is now approaching the key $0.10–$0.11 resistance zone.
- Pi App Studio will update its pricing on August 24, aiming to encourage apps with real user activity and utility.
- Bullish setup: A breakout above $0.11 could strengthen the reversal case and open the path toward $0.12 and potentially $0.15.
Pi Network seems to be recovering from its losses as buyers try to force PI into a significant resistance area. The Pi App Studio upgrade may add more utility to the network as developers will be encouraged to create apps that generate actual use cases.
At the time of writing, PI is trading at $0.09099, as buyers attempt to build on the recovery seen since July. However, the price action has risen since the July lows, and so far, there has not been any kind of breakout confirmed yet.
PI finished at $0.095 on August 21 after testing levels around $0.096. Since the token is currently trading near the recent highs, focus will shift to the key resistance between $0.10-$0.11.
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Pi Network App Update Could Boost PI Utility
One of the major upcoming events in the Pi ecosystem is the pricing update in the Pi App Studio that is set to be implemented on August 24.
According to the Pi Network, there will be an end to the greatly reduced cost of creating and editing applications at 0.25 PI. Pricing in the future will be more reflective of the AI that each application uses. Applications that demonstrate real usage can receive subsidies.
This development is intended to incentivize developers to create apps that will attract actual users as opposed to engaging in just experiments. Usage of the applications can help the utility of Pi in the future. Nevertheless, this update alone cannot prove the future increase of the PI’s price.
Pi Network Price Signals Potential Bullish Reversal
A crypto analyst, Kim H. Wong, noted the bounce in PI from $0.07070 to $0.09634 from July 14 through August 21, which resulted in a profit of about 36% for PI. It is his belief that better market conditions would allow PI to head towards $0.12.
As highlighted by Crypto With Gopal, the technical view of the situation is much more bullish in nature. According to him, PI is currently forming a double bottom formation as buyers defend the $0.07-$0.08 range.
The important resistance zone is at $0.11. Breaking this zone can confirm the formation of a reversal and allow an opportunity for a rally towards $0.15.
Previously, Crypto With Gopal also noted the importance of the $0.10 zone as an important resistance zone. Retaking this zone, alongside the major moving averages, can further boost the bulls.
Pi Network Continues Network Development
The price movement is not the only aspect catching the attention of people. The Pi Network continues to grow its underlying network.
Protocol 26 has already been implemented on Mainnet, while Protocol 27 is undergoing testing via Testnet. The update will improve smart contract verification and is scheduled for September 15.
Also, Node 0.6.2 is available from Pi Network, which includes upgrades to SoloHost, connectivity, and Pi Desktop. There have also been developments in testing the use of Pi Node in the field of distributed computing.
In the case of PI, the combination of improved technical structure, ecosystem updates, and future application upgrades may lead to the critical nature of the $0.10-$0.11 range. If PI is able to break out higher, then this will be good for the case of breaking out towards the $0.12 and maybe $0.15 levels.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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