Recently, PIPPIN has been gaining quite a bit of attention in the market. From the early "floor price" surge to a high of 0.76, followed by a slight pullback, it is now stable around 0.48355, with a 24-hour increase of 4.03%. This wave of market movement indeed makes people both excited and conflicted—fearing buying at a high when chasing the rally, wanting to take profits but afraid of selling too early. How should we interpret this trend?

Let's analyze this market from a technical perspective.

Looking at the daily chart, PIPPIN started from a low of 0.01956, with continuous large bullish candles pushing the price sharply upward, which is a typical pattern of a meme coin explosion. However, after rising to 0.76 and then falling back to around 0.48355, it has entered a high-level consolidation phase. At this point, paying attention to the performance of several key moving averages is crucial.

The MA7, MA25, and MA99 are currently arranged in a bullish alignment. Although the short-term moving averages have pulled back with the price, they still remain firmly above the medium-term moving averages. This indicates that the medium-term upward trend has not been completely broken, and the structure remains relatively intact.

Volume is also worth a close look. During the initial surge from the floor price, trading volume was extremely high, with each volume bar higher than the last. However, in the recent retracement, trading volume has noticeably decreased. This kind of volume contraction during a pullback is often a sign of the main force shaking out late followers, but we should also be alert to the small probability of a volume-driven decline with distribution.

The MACD indicator currently reads at 0.01015, with the red histogram still extending. Although there are signs of waning bullish momentum, it has not yet fully weakened. Combined with the bullish alignment of the moving averages, this overall signals a certain degree of resilience.