Pi Coin (PI) Outperforms Bitcoin (BTC) Ahead of Mainnet Launch, But Social Media Hype May Not Be Enough

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.

NOIDA (CoinChapter.com) — Pi Network fans are eagerly awaiting June 28, when the team is expected to launch its open mainnet. Meanwhile, the PI coin price has outperformed Bitcoin, the world’s largest crypto.

The Pi Network team has faced criticism for delays in the mainnet launch and scams. However, the fans, known for their excessive optimism and enthusiasm, continue to heavily promote the project.

But before the Pi Network shilling team starts foaming at the mouth, it's important to note that overtaking a stationary Bugatti Chiron doesn't necessarily indicate your car's superior speed.

Bitcoin Price Drops While PI Coin IOU Price Rises

And that makes all the difference. It is doubtful that Pi Coin fans will take the time to observe any price charts, mainly because the PI coin is not yet in circulation. All PI coin trades currently occur as IOUs.

However, upon analyzing the price performance of Pi Coin (PI/USDT) and Bitcoin (BTC/USD) over the past seven days, clear trends emerge that highlight their relative performance.

Since June 18, Pi Coin has remained within a bounded range, trading below $40. Despite the stagnant price action, PI coin showed a slight uptrend by the end of the period, rising 6.6% to reach a daily high of nearly $39.4.

In contrast, Bitcoin's price over the same period呈現出截然不同的趋势。

After reaching a high of nearly $66,560 on June 18, Bitcoin has shown a clear downtrend, indicating a overall decline. There were minor recoveries during this period, but the overall trend remained down.

Notably, the comparison reveals that Pi Coin has outperformed Bitcoin in terms of price performance over the past seven days. However, it's crucial to note that Bitcoin's price has been dropping due to macro cues like a strengthening US dollar, bearish technical setup, and poor on-chain metrics.

On the other hand, the PI coin price is up slightly as deluded fans continue to share posts like these, expecting the token to reach $314 (Pi value) within seconds of the mainnet launch. This is still better than posts speculating the Pi Network token to reach $314,159 post-mainnet launch.

Social media hype can be a powerful cue for a crypto token, but relying solely on it might 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.

PI Coin IOU Price in a Bearish Setup

Meanwhile, the Pi Network token price continued to trade within a bearish technical setup, known as a 'descending triangle.'

This technical formation is usually interpreted by market analysts as 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.

Furthermore, the pattern suggests that selling pressure is increasing, leading to successively weaker rallies. In this setup, the potential price target is usually measured by the maximum height of the triangle at its widest point.

Thus, completing the bearish pattern could see the PI coin price dropping nearly 34% to reach the projected price target of around $24.5.

News source：https://www.kdj.com/cryptocurrencies-news/articles/pi-coin-pi-outperforms-bitcoin-btc-ahead-mainnet-launch-social-media-hype.html

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