PIPPIN price rebounds significantly, even after breaking support it can rise again
Recently, the meme coin PIPPIN has experienced a notable oscillation in price, breaking through the key supply zone from $0.4 to $0.34, followed by a rapid rebound in the market. This surge allowed PIPPIN to soar by 20.27%, reaching a local high of $0.48, before slightly pulling back. As of this writing, the price stabilizes at $0.451. Along with the price trend, PIPPIN's market capitalization has also rebounded from a previous $308 million to $443 million, adding about $100 million in a short time, indicating that market interest in this coin is warming up.
Futures market demand drives rebound
The rebound of PIPPIN is closely related to the activity level of the futures market. When the price fell below the support level of $0.4, traders seized the opportunity to increase their existing positions, injecting new buying power into the market. According to CoinGlass data, PIPPIN's open interest surged by 24.29% to $150.73 million, while derivatives trading volume decreased by 16% to $551 million. This combination indicates that existing holders not only increased their positions but also that some new positions were established, with relatively few reverse operations in the market, showing a clear dominance of buying power.
Meanwhile, a large amount of funds has flowed into the futures market, with inflows reaching $168.44 million and outflows at $165.35 million. The net flow surged by 136.74% to $3.09 million, with the long-short ratio jumping to 1.0251, far exceeding the average level of about 0.5 on Binance and OKX platforms. This indicates that investors are primarily channeling funds into long positions, with buyers in the dominant position.
Buyers in the spot market are buying on dips
In the spot market, PIPPIN, which fell below the key price level, also received support from buying, as investors took advantage of the low price to defend the support level of $0.4. According to TradingView data, PIPPIN's liquidity significantly decreased in the past 24 hours, with trading volume dropping to 3 million shares, far below the 14-day moving average of 24.64 million shares. However, the A/D moving average is 10.44 million, indicating that overall market participation has declined but buyers remain active.
The transaction structure further indicates that the buy-sell ratio is extremely skewed towards buyers, with buying volume at 811,330 transactions and selling volume only at 70,440 transactions, giving buyers a market share of 98% while sellers account for only 2%, clearly indicating that market dominance lies with buyers, and buying power is very strong.
Momentum indicators support the upward trend
As buyers in the spot and futures markets rush in, PIPPIN's price has stabilized at key support levels and is gradually breaking upwards. In terms of technical indicators, PIPPIN's Relative Strength Index (RSI) has formed a golden cross, rising to 72, while the stochastic RSI has also formed a golden cross at 51, entering the bullish zone. This combination often indicates strong upward momentum in the market, with bullish strength dominating. If buyers continue to increase their positions, PIPPIN is expected to break through the resistance level of $0.5 and set a new local high.
Of course, investors also need to be cautious of the possibility of profit-taking. If there is significant selling pressure in the market, $0.4 will become an important support level to test again.
Looking ahead
In summary, #Pippin after successfully holding the support level of $0.4, the price quickly rebounded, surging to $0.48, showing that market buying power remains strong. If this buying momentum can continue, PIPPIN is likely to reclaim the $0.5 level and further challenge new highs. The inflow of funds into both spot and futures markets, along with bullish signals from technical indicators, provides references for investors, but market volatility risks remain, and changes in buying and selling forces need to be closely monitored.
This round of PIPPIN's rebound not only demonstrates the market resilience of meme coins but also reminds investors that in the face of significant price volatility, buying on dips and monitoring market trends are equally important.#加密市场观察
