Pi Coin Surpasses Bitcoin in Price Performance, But There’s a Twist
Pi Network enthusiasts are eagerly anticipating the launch of the open mainnet on June 28. In the meantime, the price of PI coin has outperformed Bitcoin, the largest cryptocurrency in the world.
The Pi Network team has faced criticism for delays in launching the mainnet and allegations of scams. However, despite these setbacks, dedicated supporters of the project continue to promote it.
Before the Pi Network supporters celebrate too soon, it’s important to note that overtaking a stationary Bugatti Chyron doesn’t mean your car is faster.
While it’s doubtful that Pi Coin fans have been closely following price charts, it’s worth analyzing the price performance of Pi Coin (PI/USDT) and Bitcoin (BTC/USD) over the past seven days to understand their relative performance.
Since June 18, Pi Coin has remained within a range below $40. Despite this stagnant price action, Pi Coin experienced a slight upward trend, rising 6.6% to reach a daily high near $39.4. On the other hand, Bitcoin’s price tells a different story.
After reaching a high near $66,560 on June 18, Bitcoin has been on a clear downward trend, reflecting an overall decline. Although there have been minor recoveries, the trend remains negative.
Undoubtedly, the comparison indicates that Pi Coin has performed better than Bitcoin in terms of price over the past seven days. However, it’s important to remember that Bitcoin’s price is influenced by macro cues, the strengthening US dollar, bearish technical setup, and poor on-chain metrics.
Meanwhile, the slight increase in the price of the PI coin is primarily due to the enthusiasm of deluded fans who expect the token to skyrocket to $314 (the value of Pi) immediately after the mainnet launch. However, this is still more optimistic than posts speculating that the Pi Network token will reach $314,159 after the mainnet launch.
While social media hype can have a significant impact on a crypto token, 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 effect on the token’s price.
Additionally, the price of the PI Network token has been following a bearish technical pattern known as the “descending triangle.” This pattern features a downward-sloping upper trendline, which indicates a reduction in the price’s highs, and a flat lower trendline that acts as a strong support level. The pattern suggests that selling pressure is increasing, leading to weaker rallies. If the bearish pattern is confirmed, the PI Coin price could drop by approximately 34% to reach a projected target price near $24.5.
