PIPPIN crashes from $0.90 to $0.0915 as longs unwind; bulls watch $0.113
PIPPIN (memecoin) collapsed from a $0.90 peak to about $0.0915, driven by forced long liquidations and liquidity exit. The article cites Open Interest falling ~12% in 24 hours and nearly 40% across major venues, signaling traders are closing positions rather than adding risk.
Despite the selloff, Funding Rates stayed slightly positive (~0.05%), implying some longs remained positioned for a rebound. Price briefly consolidated between $0.082 and $0.10, while RSI recovered from deeply oversold levels (<20) to around 50.6—an early hint that seller exhaustion may be forming.
Key levels for traders: $0.0915 is the immediate support. If it breaks, downside could extend toward $0.05–$0.07. On the upside, PIPPIN is compressing below $0.113 resistance; a clean break above $0.113 could trigger a short-term reversal and push price toward $0.15.
Traders should watch for Open Interest stabilization and funding normalization. If OI keeps shrinking while price stabilizes, volatility could cool; if OI resumes collapsing alongside weak bounces, further downside or sharp wick risk remains high.
Bearish
Bearish. The move from $0.90 to ~$0.0915 is described as a classic expansion-then-unwind pattern, with Open Interest down ~40% and rising long liquidations, which typically resembles prior “long squeeze → cascades” events seen in other high-beta memecoins. While RSI recovery and consolidation between $0.082–$0.10 suggest short-term stabilization, the structure remains fragile until $0.113 is reclaimed.
Short-term: odds favor whipsaws around support ($0.0915). If OI keeps falling and $0.0915 fails, traders may see renewed sell pressure toward $0.05–$0.07.
Long-term: memecoins can rebound sharply when liquidity returns, but the article flags a hollow structure—no strong support until OI/funding normalize and the resistance breakout occurs. Until then, rallies may be vulnerable to another liquidation cycle.