PIPPIN Price Up 159% — Is Selling About to Slow the Rally?
PIPPIN's price surged 159%, but low NVT suggests the rally is supported by usage, despite recent investor selling.Summary
PIPPIN's price has surged by 159% in five days, nearing its all-time high, prompting questions about the rally's sustainability amid investor selling. Analysis of the Network Value to Transactions (NVT) ratio shows it remains low, indicating that network usage is expanding alongside the price, which suggests the rally is not overheating due to overvaluation.
Despite this, exchange data reveals that holders have moved over $17 million worth of PIPPIN tokens onto exchanges recently, suggesting short-term profit-taking. However, this selling pressure appears to be absorbed by strong demand, preventing a bearish reversal.
Technically, PIPPIN is nearing a breakout from a descending broadening wedge pattern, which projects a potential 221% advance if the price decisively breaks above $0.518. While momentum is strong, a failure to break out, coupled with rising NVT and persistent selling, could lead to a pullback toward support levels like $0.267.
(Source：BeInCrypto)