Bulls Defend $0.64 as Open Interest Rebuilds

• PIPPIN holds $0.64 support as bullish momentum targets $0.77
• Open interest nears $244M, reflecting renewed speculative conviction
• Cooling exchange outflows reduce sell pressure during rebound phase

PIPPIN extended its recovery on the 4-hour chart after rebounding from the $0.15 macro base earlier this cycle. The token surged toward the $0.77 Fibonacci ceiling before facing profit-taking pressure. However, buyers quickly regained control and pushed price back toward the $0.66 region. 

The current structure shows strong upside intent as PIPPIN trades just above the $0.64–$0.65 support band. This level aligns with the 0.786 retracement and now anchors short-term positioning.

Momentum Builds as Structure Stays Bullish

The broader trend remains constructive, with higher highs and higher lows forming since early February. Price continues to press against the upper Bollinger Band, reflecting strong directional momentum. Besides, volume expansion supports the recent breakout attempt. However, the Stochastic RSI sits above 95, signaling stretched conditions in the near term.

Short-term traders may watch for brief consolidation before continuation. Hence, holding above $0.64 remains critical to preserve the bullish structure. A sustained push above $0.68 could trigger another attempt toward $0.77. Consequently, clearing that barrier would confirm continuation toward new local highs.

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On the downside, failure to defend $0.64 may invite a retracement toward $0.54. This level marks the 0.618 Fibonacci retracement and a strong technical cushion. Moreover, deeper weakness could expose the $0.48 region, which aligns with the 0.5 retracement zone.

Derivatives Positioning Signals Renewed Conviction

Open interest trends reflect shifting speculative appetite. During August through late October, positioning remained subdued below $30 million. However, November introduced renewed activity as contracts expanded beyond $50 million. Significantly, late November delivered an aggressive spike above $150 million.

December sustained elevated exposure and later peaked above $200 million. Although January saw moderate cooling, February brought another expansion phase. Open interest now approaches $244 million, aligning with the latest price rebound. Additionally, this increase suggests traders re-entered with fresh capital during the breakout attempt.

Exchange Flows Show Cooling Distribution

Spot flow data also reveals improving sentiment. Late November recorded heavy exchange deposits and sharp outflows, which pressured price lower. However, selling intensity gradually eased into early December. Red netflow bars shrank while green inflows appeared more consistently.

January flows remained mixed but slightly constructive overall. Moreover, February displays steady improvement in net inflows alongside price stabilization. Recent sessions show modest positive netflow, indicating reduced distribution pressure.

Technical Outlook for PIPPIN Price

Key levels remain clearly defined as PIPPIN consolidates near recent highs.

Upside levels: $0.68 stands as immediate intraday resistance. A confirmed breakout could drive price toward $0.77–$0.78, which marks the 1.0 Fibonacci extension and prior swing high. If bullish momentum accelerates, extension targets near $0.85 and $0.92 may come into focus.

Downside levels: $0.64–$0.65 serves as first support, aligned with the 0.786 Fibonacci retracement. Below that, $0.54 represents the stronger 0.618 pullback zone. A deeper retracement could test $0.48, which sits near the 0.5 Fibonacci level and prior consolidation area.

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Resistance ceiling: The $0.77–$0.78 zone remains the key level to flip for sustained medium-term continuation.

Technically, PIPPIN trades within a rising channel following its rebound from $0.15. However, momentum indicators show overbought readings, suggesting volatility expansion may follow compression near $0.68.

Can PIPPIN Extend the Breakout?

PIPPIN’s next move depends on whether buyers defend $0.64 support. Holding that level could build pressure for another test of $0.77. Moreover, rising open interest and improving spot inflows support constructive sentiment.

However, failure to maintain $0.64 may trigger profit-taking toward $0.54. In that case, leverage-driven volatility could accelerate downside moves.

For now, PIPPIN trades in a pivotal zone. Price structure favors bulls, yet confirmation above $0.68 remains essential for the next leg higher.