PIPPIN has surged significantly in recent days. This has reignited interest among many. The recent increase has brought the price close to its all-time high. Now many are hoping for a new record.
But when the price rises, concerns about profit-taking and increased selling pressure in the near term grow.
PIPPIN whales can change the outcome.
Data from the blockchain shows that individuals are starting to become more cautious. The Chaikin Money Flow has now fallen below zero, landing on the negative side. This means that PIPPIN outflows have become larger than inflows. It indicates that people are starting to sell instead of buy.
Outflows seem to be increasing as investors want to take profits after the price surge. When the price almost reaches old records, many take the opportunity to sell to reduce risk. This could slow the price increase, even if the market is positive.
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Despite many individuals being cautious, large investors still support PIPPIN. Wallets holding more than 1 million USD in PIPPIN have increased their holdings by 3.57% over the last day. In total, they now hold approximately 425,340,000 PIPPIN.
Large holders can influence the price in the short term as they have substantial capital. If they continue to buy, it shows strong belief in further increases. Their purchases can offset the selling from individuals and help keep the price stable during periods of high volatility.
PIPPIN is currently trading around 0.497 USD. This is an increase of 38% in one day. The token is now less than 7% below its highest value of 0.530 USD. The buying interest from large holders remains strong.
If the price goes above 0.530 USD, more people are expected to buy to speculate. If the token surpasses the previous peak value, there is a chance to reach 0.600 USD. If trading remains strong above the resistance, it will be easier to reach new all-time highs.
Downward risk exists if selling pressure increases rapidly. If the price falls below 0.434 USD, PIPPIN could lose more value. If it reaches down towards 0.366 USD, confidence in continued increases will diminish, and it will instead be about consolidation.
