Pi Coin is set to launch its open mainnet on June 28, and fans of the project are eagerly awaiting its arrival. In the meantime, the price of PI coin has been performing better than Bitcoin, the world’s largest cryptocurrency.
Despite the delays and scams associated with the Pi Network, its fans remain enthusiastic and continue to support the project. However, it’s important to note that outperforming Bitcoin doesn’t necessarily mean that Pi Coin is superior. It’s like overtaking a stationary Bugatti Chyron with your car; it doesn’t make your car faster.
When analyzing the price performance of Pi Coin and Bitcoin over the past seven days, it becomes clear that Pi Coin has outperformed Bitcoin. While Pi Coin has remained rangebound below $40, it ended the period with a slight upward trend, rising 6.6% to reach a daily high near $39.4. On the other hand, Bitcoin has shown a clear downward trend since reaching a high of $66,560 on June 18.
It’s worth noting, however, that Bitcoin’s poor performance is due to macro cues, a strengthening US dollar, bearish technical setup, and poor on-chain metrics. This is in contrast to the slight increase in the PI coin price, which can be attributed to the enthusiasm and hype surrounding the project.
However, relying solely on hype may not be enough for the Pi Network token. If the platform fails to launch its open mainnet in June, it could have a catastrophic impact on the token’s price.
In terms of technical analysis, the Pi Network token price is currently moving inside a bearish setup known as the “descending triangle.” This pattern suggests that selling pressure is intensifying, leading to weaker rallies. If the bearish pattern is confirmed, the PI Coin price could drop by nearly 34% to reach a projected price target near $24.5.
Overall, while the Pi Coin has performed well compared to Bitcoin in recent days, it’s important to consider the underlying factors and potential risks associated with the project.