PIPPIN price surged in the last 24 hours. After several days of a downtrend, it rose about 31%. The rebound comes as the macro environment for the meme-coin sector improves. The rise drew attention, but traders remain cautious.
There is doubt whether this rebound will translate into a sustained trend reversal. Investor demand for PIPPIN has clearly increased in the past 24 hours. On-chain data from Nansen show that PIPPIN holdings on centralized exchanges have declined. A drop in exchange holdings suggests capital is moving to personal wallets.
This indicates accumulation rather than immediate selling. During the same period, investors bought roughly 2.2 million PIPPIN tokens. Such buying activity signals that confidence is recovering after the price rebound. If exchange supply declines, near-term selling pressure eases.
As market participants reassess the token’s prospects, it could provide near-term support. Futures market metrics show traders lack strong bullish conviction. As of the time of writing, funding rates have returned to neutral or negative territory. This suggests traders are adjusting positions to hedge downside risk rather than chasing upside.
This indecision reflects uncertainty about PIPPIN’s trend strength. PIPPIN is trading around $0.488. That is just below the $0.514 resistance. The meme coin rallied strongly from the $0.366 support to post a 31% rise.
However, as buying pressure reached a past strong resistance zone, the price faced a critical test. For further upside, continued investor support is required. PIPPIN remains about 47% below its all-time high of $0.720. To target that zone, it would first need to flip $0.600 into a support, which requires stronger confidence and broader market participation.
If the $0.514 level cannot be broken, a similar pattern to the past could repeat. A renewed sell-off could push PIPPIN below $0.434. A further drop to $0.366 would invalidate the bullish case and indicate the rebound was a short-term correction.
PIPPIN surged about 31% in the last 24 hours after a period of weakness, driven in part by a broader improvement in the meme coin sector. While the jump attracted attention, traders remain cautious about whether this rebound signals a durable trend or a temporary reversal.
On-chain and market data suggest a shift in sentiment. Nansen data show a decline in PIPPIN held on centralized exchanges, implying funds are moving into personal wallets and potentially signaling accumulation rather than immediate selling. Investors bought roughly 2.2 million PIPPIN tokens during the period, supporting the price bounce as confidence appears to recover post-rally.
Futures funding metrics indicate a cautious stance among traders, with funding rates returning to neutral or negative levels. The token currently trades around $0.488, just below the $0.514 resistance, having rebounded from a $0.366 support. For further upside, sustained investor support is essential; breaking above $0.514 would be a bullish signal.
A renewed sell-off could push PIPPIN below $0.434, and a slide toward $0.366 would challenge the bulls and potentially invalidate the recent rebound.
Leave a Reply