Pippin, a Solana-based company (PIPPIN), continues to be at risk for a possible price decrease, despite a recent rally of 16% in the past 24 hour.
The PIPPIN crypto currency has made significant gains since the 17th April. It has also reached a critical reversal area where historically it was under selling pressure.
PIPPIN, at the time of publication, was trading for $0.0355. That’s an increase of 16.5% in 24 hours. It reached an intraday maximum of $0.04273 at the same time.
Trading volume rose over 95%, to $51.02 millions, reflecting the asset’s significant price increase.
PIPPIN Price Action and Key Levels to Watch
The daily graph showed that PIPPIN’s price at $0.04276 was under strong selling pressure.
A support level which has now become resistance. The price actually tried to breach this resistance level on April 5th, but was unable.
If PIPPIN does not break through the level of $0.04276 again, it is likely to experience a significant decline over the next few days.
A potential rally will only be possible if PIPPIN is able to clear this important hurdle, and closes a candle daily above the level of $0.04276. The price may rise by over 85%, and reach $0.075 if that occurs.
The Average Directional Index, which is a measure of trend strength, currently stands at 40.89. This value is well above the threshold level of 25 and indicates a very strong trend.
Short-term investors are bullish on PIPPIN
CoinGlass’ data shows that traders overleverage themselves at two important levels: $0.0338 in the lower range and $0.0382 in the upper range.
They have approximately built $1.46million worth of long and short positions at these levels. This indicates a strong tendency towards upward movement in prices.
The derivatives data has further solidified PIPPIN’s bullish view. The Long/Short ratio reached 2.2866 according to data from CoinGlass, indicating that traders are heavily biased towards long positions. This is a reflection of growing confidence that a possible upside movement will occur.
PIPPIN’s open interest (OI), however, has decreased by 8.26%, to $59.10 millions, indicating that traders have closed their positions. This could indicate a short-term gain booking, or a possible slowdown of momentum despite prevailing bullish sentiment.
Final summary
- Despite a jump of 16.05%, PIPPIN still faces a risk of a decline, probably due to the past performance in $0.04276.
- Short-term traders are betting heavily on the upward movement of prices, according to derivative data.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com
