Pippin (PIPPIN) attempted a breakout from the consolidation range as the upward move continued on the intraday charts.
Memecoin surged 11 percent and hit a local high of $0.39, the upper end of the current range, before falling slightly.
As of this writing, PIPPIN was traded at $0.36, up 8.41% on the daily charts. This price increase was supported by a 72% increase in trading volume, reflecting renewed market momentum.
PIPPIN investors show no clear consensus
PIPPIN has seen renewed interest from all market participants after the broader market signaled recovery. While some buyers have stepped in and defended key $0.3 levels, others have positioned themselves expecting a big move.
Moreover, the demand for Futures positions has increased significantly. Accordingly CoinGlass According to the data, Derivative Transaction Volume increased by 146% to $471 million, while Open Interest increased by 11% to $96 million.
Source: CoinGlass
Typically such a jump in OI and volume indicated increased participation and inflow of capital into short or long positions. In fact, more than $156 million has flowed into the derivatives market in the last 24 hours.
Source: Coinalyze
Meanwhile, the Long/Short Ratio on Binance and Bybit rose to 1.19; long positions were 54% and short positions were 45.6%.
When this ratio is above 1, it indicates that most market participants are bullish and are taking long positions.
However, only in Binance, the long-short account ratio remains around 0.92, showing the market’s indifference to the next move.
Why does sideways movement continue?
PIPPIN was unable to break out of the current range as owners and traders stepped in and cashed out. In fact, selling pressure increased significantly after memecoin broke above $0.36.
According to Coinalyze data, Selling Volume increased to 101 million and Buying Volume increased to 84 million. This left the market with negative net volume of -17 million, clearly indicating seller dominance.
Source: Coinalyze
Most of the time, increased selling pressure on Spot tends to reinforce downward momentum, causing prices to fall if derivatives fail to keep up.
Looking at momentum indicators, they point to strong downward momentum. For starters, memecoin’s Stochastic RSI remains oversold despite the bullish trend.
At the time of writing, this indicator was around 4.9, indicating that a downward momentum dominated by sellers in the market.
Similarly, the MACD remains in the negative territory despite the DEMA showing an uptrend, further confirming the downside risk.
Source: Tradingview
These conditions indicate that the market will weaken further. If sellers continue to dominate while derivatives record occasional flows, PIPPIN will continue to trade between $0.30 and $0.40.
To break out of this range, capital flows into Futures must outpace sellers in the Spot market, making PIPPIN strong enough to break above $0.5.
By then, we could see sideways movement unless the broader market sees a sudden rise.
Final Summary
- PIPPIN is up 11%, touching a local high of $0.39 and falling to $0.36 at press time.
- Memecoin attempted an exit but failed as sellers entered the market looking to make a profit.
