The start of the year in the crypto world is always so exciting—either soaring to make you regret not going all-in, or plunging instantly to make you want to smash your phone.

This morning, I looked at the four-hour chart of PIPPIN/USDT, and I only had one thought: this coin is playing with heartbeat. Yesterday, it surged with the market to around 0.44 resistance level, but today it was directly pulled down by Bitcoin’s dive. Now, the entire price is stuck at the awkward 0.3915 level, neither breaking out nor crashing down. It’s a typical rebound after a rally, just this time the pullback is more intense. The scene of over 160,000 liquidation orders across the network is still vivid. Small-cap coins are inherently fragile, and during such times, market sentiment easily dominates.

From the market view, PIPPIN is now clearly in a converging consolidation phase. The Bollinger Bands have narrowed significantly, almost forming a line— the lower band at 0.368 is the short-term support bottom. Interestingly, yesterday a trader placed a 2 million USDT long order at 0.37, and this morning, the lowest point just touched 0.369 before rebounding. This indicates there is indeed some capital support behind the scenes. Conversely, the 0.443 level above is the ceiling; the three attempts to break through on New Year’s Day failed, and now the positions trapped inside are more than dumplings before the Spring Festival. Short-term, breaking this level is basically unlikely.

Looking at technical indicators, the RSI is now at 38, which is a neutral-leaning weak zone. It’s not oversold enough for a "bottom-fishing" zone, nor overbought enough for a "rebound ceiling"—just so mediocre. The KDJ is even more extreme, near the midline at 50, swinging like a seesaw, giving no clear buy or sell signals. MACD is similarly indecisive, in a state of ambiguity.

In this situation, the movement of small-cap coins is easily influenced by market sentiment and the intentions of major funds. In the short term, whether it can hold above 0.3915 is crucial—if support fails here, it may continue downward to find new support; conversely, if it can hold, combined with the gradual digestion of the current positions, there could be new opportunities ahead. But at this stage, observation is more important than action.