The autonomous agent and Solana-based memecoin Pippin exhibited strong bullishness in recent days. In just the past 24 hours, it has rallied 22%.
By contrast, BTC was down 3.55%. It had fallen 5% in two hours to test $64.2k on Sunday, the 22nd of February.
In these conditions, the large gains that PIPPIN posted made it an intriguing bet for traders. Throughout February, BTC has gone down on most days or ranged within $65k-$70k.
The PIPPIN relative strength stands out
AMBCrypto underlined PIPPIN as an outlier in a report. It had cooled off to retest $0.475 on Friday, the 20th of February. The longer-term structure meant bulls remained in control.
Source: PIPPIN/USDT on TradingView
Since registering a low of $0.474 on the 21st of February, it has rallied by 50.4% to reach $0.713. The 1-day chart showed a strong uptrend in progress, despite the drawdown it faced in the first week of February.
The price has broken past the $0.5 supply zone and retested the same as support. The CMF was at +0.21, and the OBV was trending higher to show steady buying pressure.
The MFI was retreating from the overbought territory. It could form a bearish divergence and be followed by a minor price retracement.
Given the buyer strength in recent weeks, the Pippin price prediction remains firmly bullish. The Fibonacci extension levels at $0.918 and $1.15 were the next bullish price targets.
The short-term Pippin price prediction
Source: PIPPIN/USDT on TradingView
The 1-hour chart showed bullish technical indicators. The MFI threatened to form a bearish divergence.
This could be a short-term concern for the AI-focused memecoin’s bulls.
The range-formation (purple) of the past ten days reached from $0.435 to $0.755. A dip to $0.6 could be a buying opportunity targeting $0.75-$0.8.
Source: CoinGlass
The liquidation heatmap showed a magnetic zone at $0.77-$0.80. This meant that a false breakout past the range highs before a retracement into the range is a possibility that traders have to be prepared for.
Final Summary
- PIPPIN showed remarkable bullish strength in February, while most major crypto assets, including Bitcoin, faced sizeable assets.
- The liquidations clustered around $0.80 could pull prices higher as part of a short squeeze before the next retracement later this week.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.