Today I reviewed PIPPIN, and there’s a story hidden in this price action. The hourly chart has given us the answer—the probability of a short-term move down is increasing. But the market never follows the script; the real direction is determined by the tug-of-war between capital and sentiment.

Let’s look at the liquidation data first: in the past 24 hours, over $8 million has evaporated. What’s more striking is that the amount liquidated on the short side is more than double that of the longs! What does this mean? During the price drop, bottom-fishing capital has been harvested wave after wave, and panic is spreading throughout the market.

From a technical perspective, the resistance zones are quite clear. 0.21880 is the first barrier, and breaking through won’t be easy. Looking further up, 0.25500 is the real life-or-death line, and it won’t let you touch it easily. On the support side, 0.17300 is the first line of defense in the near term—if it fails, the next level to catch bids might be around 0.13100.

The MACD indicator has shown a bearish crossover below the zero line, which is not a friendly sign—short-term upward momentum is clearly weakening, and the bears are gathering strength.

My view:
In the short term, it’s highly likely to oscillate and consolidate between 0.21880 and 0.17300. If a rebound to around 0.21880 lacks strength, consider small short positions; if it pulls back and steadies at 0.17300, there may be a small bounce opportunity. In this kind of market, it’s all about finding certainty in the cracks and earning some swing profits.

But if the bears make a strong move and break through 0.17300 directly, don’t get stuck—just target the 0.13100 area.