Pi Coin has shown recent price activity ahead of a key upgrade, with the token currently testing the $0.087 support level. The upgrade is expected today, July 22, and could serve as a catalyst for market movement despite Pi being over 90% below its all-time high.
The latest price bounce initiated from the $0.070 to $0.072 range, characterized by heavy selling followed by a W-shaped recovery. This pattern reached its target when Pi peaked at $0.1035.
Currently, Pi is retracing toward the $0.087 level, which previously acted as resistance. Maintaining this level is crucial for the short-term recovery structure.
The upcoming upgrade may enhance market activity, but its impact will depend on price action. Pi remains below the $0.100 to $0.103 resistance zone, where previous attempts to advance lost momentum.
A successful reaction to the upgrade requires sustaining support above $0.087 and breaking through the $0.100 barrier to retest the $0.1035 high with increased volume.
If Pi can hold above $0.087, it may attempt to revisit the $0.100 to $0.103 resistance area, with a potential move towards $0.11. The 50-day simple moving average at approximately $0.115 would then represent the next major resistance level.
Market indicators suggest that while there is potential for momentum improvement, the current recovery is relatively new and remains within a broader downtrend.
