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Will PIPPIN price crash after rallying 200% this week?

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PIPPIN price has confirmed a rounded bottom pattern on the daily chart.

PIPPIN price has shot up nearly 200% over the past week, driven by sharp demand from futures traders. Is the meme coin set to see more gains, or will it crash?

Summary

  • PIPPIN price rallied 200% over the past week, primarily driven by a spike in speculative trading.
  • The meme coin has confirmed a rounded bottom pattern on the daily chart.

According to data from crypto.news, the Pippin (PIPPIN) price rallied over 200% in the past 7 days to a high of $0.52, which is roughly 7% short of breaking past its previous all-time high of $0.55 hit last month.

The PIPPIN rally appears to be mostly fueled by increased speculative activity, as traders aggressively opened bullish positions in the derivatives market, a trend common among high-volatility meme coins where momentum is often driven by leverage rather than fundamental developments.

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Data from CoinGlass shows that PIPPIN futures open interest has jumped to an all-time high of $217 million, nearly four times the amount recorded nearly a week ago. At the same time, the long/short ratio stood above 1, suggesting more investors were betting on further price increases.

Open Interest reflects the total number of outstanding derivative contracts that have not been settled. When a surge in Open Interest comes along with the price rise of an asset, it indicates new money entering the market.

Meanwhile, the aggregated funding rate was positive at press time at 0.0070%, which shows that long position holders were paying fees to short sellers, conditions that help support continued upward momentum.

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It should, however, be noted that PIPPIN’s rally came without the backing of any major news or development from the project’s team. Its official X account has not posted anything since August last year. 

Despite this lack of official communication, the retail sentiment surrounding the token has remained bullish, as seen in CoinMarketCap.

Another point of concern is the market-wide downturn fueled by Bitcoin’s underperformance over the past trading sessions. Crypto investors are currently spooked by concerns over another U.S. government shutdown and uncertainty over Fed policy direction.

On the daily chart, PIPPIN price appears to be forming the cup of a multi-week cup and handle pattern, which has been developing since late January. 

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PIPPIN price has confirmed a rounded bottom pattern on the daily chart.
PIPPIN price has confirmed a rounded bottom pattern on the daily chart — Feb. 12 | Source: crypto.news

The cup and handle pattern is one of the most bullish continuation patterns that often signals an existing uptrend is likely to resume after a period of consolidation. The cup in itself is also formed of a rounded bottom pattern, which is yet another bullish indicator by itself.

At press time, the PIPPIN price had already broken above the neckline of the rounded bottom formed. 

Considering this, the Solana-based meme coin could likely continue to be in an uptrend, with the path of least resistance appearing to be a bullish move to new highs around $0.89, calculated by adding the height of the rounded bottom formed to the point at which the price crossed the neckline.

Looking at technical indicators also gives us a grounded view of such a bullish forecast. Notably, the supertrend indicator has flashed green while the MACD lines have pointed upwards, both signs that bulls still have significant control over the market price action.

Unless the current upward momentum is hampered by macroeconomic headwinds, PIPPIN’s technical breakout is expected to serve as a bullish catalyst.

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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Crypto World

Pro Traders Anticipate Low Odds of a Bitcoin Rally Toward $78,000

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Pro Traders Anticipate Low Odds of a Bitcoin Rally Toward $78,000

Key takeaways:

  • Professional traders remain cautious, pricing low odds for a Bitcoin breakout to $78,000 despite recent ETF inflows.

  • US and Israel-Iran war and soft US labor data offset momentum in Bitcoin ETFs.

Bitcoin options: 17% chance of breaking $78,000

Bitcoin (BTC) reclaimed the $70,000 mark again on Wednesday. However, repeated failed attempts to break above $74,000 over the last five weeks have fueled skepticism. The ongoing US and Israel-Iran war, coupled with disappointing US labor numbers, has only added to the cautious outlook.

Traders are now evaluating whether recent inflows into Bitcoin exchange-traded funds (ETFs) signal an imminent bullish breakout.

US-listed Bitcoin ETFs daily net flows, USD. Source: Farside Investors

While US-listed Bitcoin ETFs saw $414 million in net inflows between Monday and Tuesday, this was insufficient to offset the $576 million in net outflows recorded the previous Thursday and Friday. 

Data from the derivatives market suggests that professional traders are skeptical of a significant rally before the end of the month.

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Bitcoin call options for March 27 at Deribit. Source: Deribit by Coinbase

Bitcoin call options on Deribit for March 27, which target a $78,000 strike price, traded at $704 on Wednesday. This pricing indicates that whales and market makers see less than a 17% chance of Bitcoin gaining roughly 12% from its current levels.

This cautious outlook is also visible in the futures market, where demand for leveraged long positions remains stagnant.

Bitcoin 2-month futures annualized premium. Source: Laevitas.ch

The annualized premium (basis rate) for monthly Bitcoin futures has stayed below the 4% neutral threshold. Notably, this metric failed to shift even after a 16% four-day rally that peaked with a retest of $74,000 on March 4.

Current onchain and derivatives data point toward indifference rather than an expectation of a sharp crash.

Economic outlook offsets institutional BTC inflows

Professional traders appear wary of sustained BTC price momentum, largely due to a worsening global economy.

Seema Shah, chief global strategist at Principal Asset Management, said that investors are far more focused on how the conflict feeds into inflation, according to Yahoo Finance.

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Raymond James strategist Tavis McCourt wrote on Monday that the $25 oil price gain essentially offsets the fiscal benefit from the One Big Beautiful Bill Act, according to CNBC.

McCourt added that after the Gulf War in 1990 and the Russian invasion of Ukraine in 2022, it took about six months for oil prices to get back to where they were before.

The 92,000 job positions cut in the US during February, announced on Friday, vastly disappointed analysts, as consensus anticipated a 55,000 increase. Sentiment further deteriorated on Monday after JPMorgan reportedly reduced the value of private credit loans made to software firms, according to Financial Times.

Source: X/gumsays

Regardless of the economic outlook, yield products revolving around Strategy (MSTR US) shares are becoming increasingly supportive for Bitcoin’s price. The company announced a record high daily average price and trading volume, offering opportunities to issue at-the-market share offerings and use the proceeds to buy additional spot Bitcoin positions.

Related: Price predictions 3/11: BTC, ETH, BNB, XRP, SOL, DOGE, ADA, BCH, HYPE, XMR

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X user “gumsays” said that Strategy Variable Rate Perpetual (STRC US) adoption would lead to Strategy buying billions worth of Bitcoin per week.

The analysis added that a potential series of ETF inflows could result in sustained institutional demand. Therefore, traders will likely have to wait until after March for Bitcoin to break $78,000.