PIPPIN price surged sharply over the past 24 hours, posting a 31% gain after days of bearish performance. The rebound aligns with improving macro cues across the meme coin sector.
While the move has drawn attention, traders remain cautious, questioning whether the rally can evolve into a sustained trend reversal.
Pippin Holders Accumulate Amid Price Rise
Investor demand for PIPPIN increased noticeably during the last 24 hours. On-chain data from Nansen shows a decline in PIPPIN balances held on centralized exchanges.
Falling exchange reserves often signal capital moving into private wallets, suggesting accumulation rather than immediate selling intent.
Over the same period, investors purchased approximately 2.2 million PIPPIN tokens. This buying activity reflects improved confidence following the price rebound.
Reduced exchange supply can ease near-term selling pressure, providing short-term support as market participants reassess the token’s outlook.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
Derivatives data paints a less optimistic picture. Futures market indicators show traders lack strong bullish conviction. Funding rates briefly turned positive toward the end of January 3, indicating long positions outweighed shorts during the early phase of the rally.
That optimism proved short-lived. At the time of writing, funding rates have shifted back toward neutral or negative territory. This change suggests traders are repositioning for downside risk rather than chasing upside continuation.
Such indecision reflects uncertainty about PIPPIN’s trend strength. When futures traders hesitate, spot market rallies often struggle to gain follow-through. The lack of sustained bullish leverage implies expectations of a pullback rather than a clean breakout.
PIPPIN Price Has a Long Way to Go
PIPPIN trades near $0.488, sitting just below the $0.514 resistance level. The meme coin rebounded sharply from the $0.366 support, driving the recent 31% gain. However, price now faces a critical test as buyers approach a historically restrictive zone.
Sustaining the rally depends on continued investor support. PIPPIN remains about 47% below its all-time high of $0.720. To pursue that level, price must first flip $0.600 into support, which would require stronger conviction and broader market participation.
Failure to clear $0.514 could repeat prior patterns. If sellers reassert control, PIPPIN may slip below $0.434. A deeper drop toward $0.366 would invalidate the bullish thesis and confirm the rebound as a short-lived corrective move.
Bitrue