PIPPIN's recent market movement has indeed been fierce. From late November last year at 0.03 to early January this year at 0.336, it surged over ten times in just a little over a month, experiencing several rounds of long and short battles by major capital.

The most interesting part is the high funding rates during those two months, which vividly played out a soap opera in the futures market. Now, the 4-hour K-line shows a powerful long shadow, directly breaking through the previous consolidation zone, with the bears clearly gaining momentum over the bulls.

From a technical perspective, the lower boundary of the recent consolidation range is around 0.394. This price level has now become the defensive line for the bears. As long as the price does not break above this level, the short-term bearish logic remains valid. How the market will develop next depends on whether this key point is broken or not.