Pi Coin is Performing Better Than Bitcoin, But There’s A Catch Read CoinChapter.com on Google News
NOIDA (CoinChapter.com)— Pi Network fans are waiting with bated breath for June 28, when the team will likely launch its open mainnet. Meanwhile, the PI coin price has outperformed Bitcoin, the world’s largest crypto.
The Pi Network team has repeatedly disappointed followers with mainnet launch delays and scams. Despite this, the hopium-smoking, delusocaine-snorting fans continue to shill the project.
But before the Pi Network shilling team starts foaming at the mouth, it will be wise to remember that overtaking a stationary Bugatti Chyron does not mean your car is faster.
Bitcoin Price Performs Poorly Than PI Coin Price Action
And that makes all the difference. It is doubtful that Pi Coin fans will take the time to see any price charts, probably because the PI coin does not exist now. All the PI coin trades happen as IOUs.
Analyzing the price performance of Pi Coin (PI/USDT) and Bitcoin (BTC/USD) over the past seven days, distinct trends highlight their relative performance.
Pi Coin price outperformed Bitcoin. Source: Tradingview.com
Since June 18, Pi Coin has remained rangebound below $40. Despite stagnant price action, Pi Coin ended the period with a slight upward trend, rising 6.6% to reach a daily high near $39.4. Conversely, Bitcoin’s price over the same period tells a different story.
After reaching a high near $66,560 on June 18, Bitcoin has shown a clear downward trend, reflecting a general decline. Although there were minor recoveries, the overall trend remains negative.
No doubt, the comparison reveals that Pi Coin has outperformed Bitcoin in terms of price performance over the past seven days. However, it is important to remember that Bitcoin price is downtrend because of macro cues, the strengthening US dollar, bearish technical setup, and poor on-chain metrics.
Pi Network shillers continued their hard work.
On the other hand, the PI coin price is slightly up because deluded fans keep sharing posts like these, expecting the token to rise to $314 (value of Pi) within seconds of the mainnet launch. Yet, this is still better than posts speculating the Pi Network token to reach $314,159 post-mainnet launch.
Social media hype is a powerful cue for a crypto token, but relying only on hype might not be enough for the Pi Network token. If the platform fails to launch its open mainnet in June, it could prove catastrophic for the token’s price.
PI Coin IOU Price Remains Inside Bearish Setup
Meanwhile, the Pi Network token price continued to move inside a bearish technical setup called the ‘descending tr’angle.‘
PI Network token formed a bearish pattern with a 34% downside target. Source: Tradingview.com
Market analysts often consider the descending triangle a bearish continuation signal.
The configuration features a downward-sloping upper trendline, which gradually reduces the price action’s highs, and a flat lower trendline, which is a consistent support level the price finds difficult to break.
Moreover, the pattern suggests that selling pressure is intensifying, leading to successively weaker rallies. In this setup, the potential price target is typically gauged by the maximum height of the triangle at its widest point.
Hence, confirming the bearish pattern might result in the PI Coin price dropping nearly 34% to reach the projected price target near $24.5.
The post Pi Coin is Performing Better Than Bitcoin, But There’s A Catch appeared first on CoinChapter.
