🎯 SHORT SETUP – $PIPPIN 🎯
Entry Zone: 0.3730 - 0.3950
Stop Loss: 0.4200
Take Profit Targets:
∙ TP1: 0.3400
∙ TP2: 0.2900
∙ TP3: 0.2400
🔥 Bearish Justification
PIPPIN just had a very strong parabolic pump from 0.00226 to the peak of 0.50490 in a very short time, increasing by more than 22,000% and is currently in a correction phase after the vertical spike. The price is currently pulling back to the area of 0.37283 and forming a lower high structure on the 1-hour frame, indicating that the upward momentum has exhausted and there is a high possibility of a deeper correction to free up profits.
The trading volume reached 216M, a sharp decrease compared to MA(5) at 624M, indicating that buying power is quickly depleting after the pump. MA(7) at 0.38522 is currently above the price and is forming dynamic resistance, while MA(25) at 0.28979 and MA(99) at 0.09285 are very far below, indicating that the price is overextended and needs to pull back to these MAs.
This setup has a high probability because the area of 0.3850 - 0.3950 coincides with MA(7) and is a resistance zone formed after the pump, which is where many traders take profits. The 7-day performance is down 5.46%, indicating that the momentum is weakening, while the buy-sell ratio of 63.99% vs 36.01% may seem bullish but is a signal of retail FOMO at the peak. If the price rejects at this area, there will be a strong sell-off to the area of 0.29 or even test back to 0.24 to fill the previous gap up.
Entry Zone: 0.3730 - 0.3950
Stop Loss: 0.4200
Take Profit Targets:
∙ TP1: 0.3400
∙ TP2: 0.2900
∙ TP3: 0.2400
🔥 Bearish Justification
PIPPIN just had a very strong parabolic pump from 0.00226 to the peak of 0.50490 in a very short time, increasing by more than 22,000% and is currently in a correction phase after the vertical spike. The price is currently pulling back to the area of 0.37283 and forming a lower high structure on the 1-hour frame, indicating that the upward momentum has exhausted and there is a high possibility of a deeper correction to free up profits.
The trading volume reached 216M, a sharp decrease compared to MA(5) at 624M, indicating that buying power is quickly depleting after the pump. MA(7) at 0.38522 is currently above the price and is forming dynamic resistance, while MA(25) at 0.28979 and MA(99) at 0.09285 are very far below, indicating that the price is overextended and needs to pull back to these MAs.
This setup has a high probability because the area of 0.3850 - 0.3950 coincides with MA(7) and is a resistance zone formed after the pump, which is where many traders take profits. The 7-day performance is down 5.46%, indicating that the momentum is weakening, while the buy-sell ratio of 63.99% vs 36.01% may seem bullish but is a signal of retail FOMO at the peak. If the price rejects at this area, there will be a strong sell-off to the area of 0.29 or even test back to 0.24 to fill the previous gap up.