The risk of a potential price drop for PIPPIN (a coin on the Solana ecosystem) continues to rise, even after recovering 16% in the past 24 hours.

As of April 17, while the broad cryptocurrency market is still struggling, PIPPIN has recorded a significant increase and reached an important reversal zone, where it previously faced strong selling pressure historically.

At the time of writing, PIPPIN is trading at 0.0355 USD, up 16.05% in the last 24 hours. It also recorded a daily high of 0.04273 USD during the same period.

The surge in the price of this asset seems to have attracted significant market participation, reflected in the trading volume as this figure increased by over 95%, reaching 51.02 million USD.

PIPPIN's price action and key levels to watch

The daily chart indicates that PIPPIN is at a critical threshold at the time of writing, as the price faces strong selling pressure at the level of 0.04276 USD.

This is a price level that recently turned into resistance after previously acting as support. In fact, the price attempted to break this level but failed, as observed on April 5.

Source: TradingView

Based on past performance, if PIPPIN fails to break above the 0.04276 USD level once again, it is highly likely that history will repeat itself with a significant decline in the coming days.

However, a potential price increase can only occur if PIPPIN surpasses this key barrier and closes the daily candle above the 0.04276 USD level. If that happens, the price could see an increase of over 85% and potentially reach 0.075 USD.

Currently, the Average Directional Index (ADX), a measure of trend strength, stands at 40.89, well above the crucial threshold of 25, indicating a strong directional trend.

PIPPIN: Bullish sentiment from short-term speculators

Data from the derivative analysis platform CoinGlass reveals that 0.0338 USD below and 0.0382 USD above are two key levels where traders are over-leveraging.

At these levels, they have built long positions worth approximately 1.46 million USD and short positions worth 1.05 million USD, indicating a strong bias towards upward price movement.

Source: Coinglass

The derivative data further reinforces the bullish outlook for PIPPIN. Data from CoinGlass shows that the Long/Short Ratio reached 2.2866, suggesting that traders are heavily leaning towards long positions, reflecting a growing confidence in a potential price rally.

Source: CoinGlass

However, PIPPIN's Open Interest (OI) has decreased by 8.26% to 59.10 million USD, indicating that some traders are closing their positions. This may signal short-term profit-taking or a potential slowdown in the upward momentum despite the prevailing bullish sentiment.

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