I just checked Pippin on the chart and something strange is happening. The volume has increased significantly but the price is falling, which typically means sellers are gaining. I noticed that open interest has dropped substantially, so it seems many traders closed their leveraged positions when Pippin started to decline.

The interesting thing is that although there's a lot of movement, the funding rates indicate that the market is quite bearish. The data shows that Pippin is trading below its moving average, which is a sign of weakness. There is an important support zone around $0.185 that could be key in the upcoming moves.

If that level doesn't hold, Pippin could fall further. For now, everything points to sellers having control of the market. I will be watching how it reacts in that demand zone.