Recently watching the trend of PIPPIN, a set of data is eye-opening - it has risen 5000 times from the beginning of the year, but the 4-hour chart has gotten dumped by 21%. What does this contrast really indicate?

First, let's look at the market structure. The contract trading volume reached 900 million USD, while the spot trading volume was only 9.84 million. That's a difference of 100 times. This is not a liquidity issue; this is blatant gambling. Retail investors are both long and short, with almost no real funds in spot purchases. In the past 24 hours, nearly 2 million USD was liquidated in both long and short positions. The market does not care whether you are bullish or bearish; it only thinks about how to consume your principal.

From a technical perspective, the current price is struggling around 0.417. The 4-hour MACD is below the zero line and looks like it might golden cross, but such underwater golden crosses after a sharp drop are often the gentlest traps. Key levels to remember: 0.532 above is basically the ceiling, 0.334 below is the first support, and 0.256 is the last catch point. Right now, the narrow range of 0.393-0.406 is the bull-bear meat grinder.

To be honest, this trend looks very much like a classic operation by the main players. The weak golden cross at a low position is painted as the most beautiful pie for retail investors. They may first push it up to 0.40-0.42, igniting your dream of getting rich by bottom-fishing, and then turn around and get dumped through the floor. Whether it is a sharp drop to 0.33 after the inducement, or directly breaking through 0.393 triggering a stampede, both scenarios point to the same ending.

For bystanders: it's safest to stay in cash. Before getting itchy fingers, ask yourself if you can bear a loss of half.