$PIPPIN /USDT –Rejection from Local Top 📉
PIPPIN is currently trading around $0.5189, down -4.26% today. After a massive weekly rally, we are seeing signs of exhaustion and strong selling pressure after the price was rejected from the $0.537 - $0.55 supply zone.
🔍 Technical Overview:
Double Top formation on shorter timeframes.
Bearish divergence on RSI as it pulls back from overbought levels.
Price is currently slipping below the MA(5) and MA(10), indicating a shift in short-term momentum.
📌 Key Levels:
Resistance: $0.537 – $0.55
Major Resistance: $0.56 (ATH Zone)
Support: $0.48
Next Support: $0.44 – $0.40
📉 Bearish Scenario: If $PIPPIN fails to reclaim $0.52 and breaks the $0.48 support with high volume, we could see a rapid correction toward the $0.44 area.
📈 Bullish Recovery: A daily close above $0.54 is required to invalidate the bearish thesis and aim for a new All-Time High.
🎯 Trade setup (short)
Sell below: $0.515
TP:1 $0.4800
TP:2 $0.4450
Stop Loss: $0.545
Market Sentiment: Overextended. Trade carefully and use proper risk management.
