PIPPIN adjusts after fake breakout: Should investors buy or sell?
Pippin (PIPPIN) has recently experienced a sharp correction within the last 36 trading hours. According to Coin Photon reports, this memecoin AI previously made waves by outperforming Bitcoin (BTC) by 22% in just 24 hours at the start of the week.
Breaking above the short-term resistance zone at $0.755 sparked many expectations, but the report also warned that this could be a false breakout. The predicted scenario of a correction back to the previous trading range occurred — and even more negatively, with the price plunging to $0.533, significantly below initial estimates.
Long-term Outlook for PIPPIN
Source: TradingView The $0.5 demand zone was previously mentioned and has just been confirmed by the upper wick on the 1D candle on Friday. At the time of writing, PIPPIN maintains an uptrend structure on the daily timeframe, indicating that the bulls have not lost control.
For swing traders to shift to a bearish scenario, the market needs to see a daily close below $0.435. Before that happens, any correction back to the $0.50–0.55 area is still considered a potential buying opportunity.
Between February 14 and February 24, this memecoin AI formed a bearish divergence between price action and RSI indicator. Coupled with market instability, the possibility of PIPPIN continuing to correct to retest the aforementioned demand zone remains plausible.
Conversely, the $1.15 level based on Fibonacci extension remains a valid bullish target if the positive trend continues.
Short-term Buying Opportunities for PIPPIN Bulls
The short-term correction in Bitcoin is no longer surprising to the market. However, PIPPIN’s maintained uptrend structure on the daily timeframe is a notable bright spot. Narrowing the view to the 1-hour chart, the demand zone around $0.50 showed strong buying reactions, confirming the presence of support from institutional money.
Source: TradingView Nonetheless, volatility risks persist throughout the weekend, especially on Sunday evening — a time when markets tend to become more sensitive. According to liquidation heatmap data from CoinGlass, the $0.466 area has a cluster of long liquidation positions, likely acting as a “magnet” pulling the price back to test this level.
Based on current signals, PIPPIN bulls can patiently wait until March 2 to see if the $0.466 level is challenged. A convincing rebound at this zone, along with Bitcoin holding above $63,000, would set a favorable foundation for a potential buy opportunity.
On the other hand, if the price breaks below the short-term range bottom at $0.435, the bullish scenario will be invalidated, forcing the market to reassess the short-term trend.
SN_Nour
Related Articles
Trader Who Caught XRP's 700% Move Is Cautious on Bitcoin's $80,000 Resistance - U.Today
Bitcoin "Exchange Whale Ratio" soars to 0.64, the highest since 2015. Is this a warning sign of selling pressure or a turning point?
Bitcoin ETF inflow strength rebounds: over $500 million poured in in a single day, hitting a 3-week high
Crypto Fear Index rises to 14, market remains in "Extreme Fear" mode
Crypto Market Sees Recovery Despite Fear Amid Geopolitical Turmoil
Analyzing Decred's situation after the sell-off – Will the price drop to $24 or rise to $35?