PIPPIN retraces after false breakout: Should traders buy or sell?
PIPPIN, an AI memecoin, experienced a sharp retracement after a suspected false breakout above $0.755, dropping to $0.533. This decline was deeper than expected and occurred alongside Bitcoin's 6.9% drop to $63.7k, resulting in $2.64 million in long liquidations for PIPPIN. Despite the sell-off, the long-term outlook remains bullish as long as the price stays above $0.435. The $0.50-$0.55 zone is seen as a buying opportunity, with a key price target at $1.15. Short-term, buyers are advised to wait until March 2nd to see if the price tests the $0.466 liquidation zone. A bullish reaction there, combined with Bitcoin holding above $63k, could present a favorable entry, but a drop below $0.435 would invalidate this bullish scenario.
ambcrypto02/28 13:02