Pippin’s 32% surge meets rising leverage – Can bulls sustain the rally?
Pippin (PIPPIN) surged 31.78% to $0.4676 with trading volume up 26.58%, signaling strong short-term interest. The price respects an ascending support structure on the 4-hour chart, holding above $0.45, with resistance near $0.53. MACD shows strengthening bullish momentum.
Open Interest exploded by 90.45%, indicating aggressive leverage-fueled buying, which could increase volatility if momentum slows. Liquidation data reveals a significant short squeeze, with $672.87K in short liquidations versus $64.2K in longs, reducing immediate downside risk.
Funding rates remain slightly negative, suggesting cautious optimism and room for further upside. While the rally is supported by volume, momentum, and favorable liquidations, its sustainability depends on continued organic demand to avoid leverage-induced volatility.
ambcrypto12/24 15:02