PIPPIN Holds Bullish Structure Despite a 20% Drop From Its ATH

Source: CryptoTale Original Title: PIPPIN Holds Bullish Structure Despite a 20% Drop From Its ATH Original Link: https://cryptotale.org/pippin-holds-bullish-structure-despite-a-20-drop-from-its-ath/ PIPPIN continues to show surprising resilience on the higher timeframes, even after sliding roughly 28% from its recent all-time high near $0.72. The latest chart work suggests that the broader structure hasn’t cracked.

If anything, the token still sits comfortably above its long-term base, which only formed after a long and fairly stubborn accumulation phase. That breakout changed the tempo of the market, and nothing in the recent pullback has undone it.

At the moment, the token is changing hands at around $0.51. That’s a sharp move considering it’s up about 20% in the past day alone, stacking on top of a strong 27.80% gain for the week and a massive 813% jump over the past month.

These numbers paint a clear picture: traders who were quick to rotate into momentum have not backed away, even with the shakeout earlier in the week.

Breakout Structure Remains Firm as Momentum Builds

The chart shows how long PIPPIN spent building a base. Price compressed for months, almost grinding tighter with each pass. Then the coil snapped. The breakout sent the price through several Fibonacci retracement levels without much hesitation, eventually settling in a consolidation patch near the 100% extension around the $0.53 band.

The move wasn’t tidy, but it was decisive enough that the broader trend still leans up unless the price sinks back through those old breakout shelves. There’s also a rising resistance trendline overhead, steep but still intact. If momentum finds balance here, the market could easily probe higher highs.

Fibonacci projections on the chart point to the 127.2% and 141.4% extensions as the next relevant markers, though reaching them would require a market that can absorb pressure without buckling. Momentum indicators are louder than usual, however. The RSI printed near 95, well into overheated territory.

It’s the kind of reading that often turns traders cautious, not because the trend is in trouble, but because rallies this vertical rarely hold pace without catching their breath. That said, a cooldown isn’t necessarily a threat.

Markets often drift sideways or dip lightly while indicators reset, and as long as PIPPIN stays perched above its first major support band, the underlying structure stays intact.

Short-Side Positioning Fuels a Stronger Bullish Setup

More interesting signals come from the derivatives market. Funding rates have stayed negative despite the climb. That means shorts are still paying longs a discount, which implies that bearish conviction remains heavier than the price action suggests.

Regardless, when the chart moves up against that backdrop, short sellers eventually feel the squeeze and start closing out, willingly or not. Liquidation data is already showing that dynamic in motion. Over the past 24 hours, recorded $11.15M in total liquidations.

A striking $9.94M came from shorts. Longs, by comparison, saw only $1.21M wiped out. That imbalance points to traders getting caught leaning the wrong way, and once momentum turns against crowded shorts, forced buying tends to accelerate moves that would otherwise unfold more gradually.

In summary, PIPPIN’s higher-timeframe foundations remain firm, derivative positioning continues to lean against price, and short-side liquidations are feeding momentum rather than cutting it off. If the market cools without unraveling support, the trend stays pointed higher, even if it has to catch its breath first.