Pippin Price is 40% Below ATH – What This Means for 16.6 Million PIPPIN
PIPPIN has retraced 40% from its ATH, with recent buying activity conflicting with overbought indicators and potential pattern invalidation.Summary
PIPPIN is experiencing volatility after failing to sustain a recent breakout, leading to a 40% drop from its all-time high (ATH), putting recent buyers at a loss. Exchange data shows investors bought approximately 16.6 million PIPPIN (about $7.7 million) since the peak, a pattern historically followed by panic selling during pullbacks. Momentum indicators, like the Money Flow Index being over 80.0, signal overbought conditions, suggesting a cooling phase. Long-term holders (LTHs) are still accumulating, which is critical support; if they shift to distribution, downside risk increases significantly. The price action threatens to invalidate a projected 221% breakout from a broadening descending wedge pattern. If support at $0.449 holds, PIPPIN could rebound towards $0.600 and potentially retest the $0.772 ATH. However, a break below $0.449 could lead to a drop toward $0.372, confirming a bearish breakdown.
(Source：BeInCrypto)