PIPPIN's recent market movement has been truly dramatic—rising from 0.01956 all the way to 0.76000, then turning around and plunging from 0.43649 to 0.29256, with a 24-hour decline of over 32%. Behind these seemingly irregular fluctuations, there's a detail worth noting: when the price drops, the open interest continues to rise, which is definitely not something that retail investors buying the dip can drive.

From a technical perspective, the 1-hour MACD remains below the zero line, and during the decline, trading volume did not shrink but maintained its level. The active buy orders at the 0.31467 level have been completely wiped out, and the occasional rebounds seem more like the residual effects of short-term retail speculation. The number of accounts with no open positions and the proportion of open interest held by large traders are clearly leading the bulls, and this gap continues to widen—institutions' bearish stance is clearly written all over it.

The current oscillation appears to be more of an inducement for investors hoping to buy the dip. The overhead 0.5 psychological resistance level is heavily pressured by trapped positions, and unless there is a reversal in volume, the price is likely to approach the previous low of 0.22220. Even if there is a rebound, the resistance at 0.34696 is difficult to break through, and the probability of resuming an upward trend is almost zero.