$PIPPIN Market Update: Correction Phase Analysis
$PIPPIN experienced a $10.133K short liquidation at $0.53672, highlighting a temporary short-covering surge. Despite this, the broader trend remains bearish, with price trading below key moving averages — 7-day, 30-day, 50-day, and 200-day — and breaking below the main pivot point along with critical Fibonacci retracement levels. RSI is in oversold territory, suggesting potential short-term relief bounces, while MACD continues to show bearish control.
The 24-hour price range shows declining volume and net outflows, reflecting cautious market participation. Immediate support is at $0.53, with a stronger zone between $0.527–$0.532. Downside risk extends toward $0.52–$0.525, while near-term resistance lies at $0.545–$0.55 and $0.555–$0.56.
Short-term relief may occur due to oversold conditions, but the broader trend remains weak until major resistance levels are reclaimed. Watch for volume confirmation on any reversal attempt. DYOR.
#WhaleDeRiskETH #USNFPBlowout #TrumpCanadaTariffsOverturned #USRetailSalesMissForecast $PIPPIN
