Recently, I’ve been keeping an eye on the PIPPIN token, and the smart money’s holding structure is quite interesting — the bulls are clearly outweighing the bears. Yesterday’s rally looked promising, but it got stuck and failed to break through the previous high. Now it’s trapped in a narrow range, caught between gains and losses.

From the 4-hour chart, my judgment is that a downward wave must occur to confirm the next direction. The target is around 0.29. This level is critical — ideally, the real body of the candlestick can break below it. If it’s just a fakeout, then it’s testing support. Once it truly reaches 0.29, that wave will be considered the first phase.

There might still be some play. In the short term, in extreme cases, it could dip another 7-8 points, falling deeper than 0.29. But that also means a rebound opportunity is coming. My suggestion is to wait until it stabilizes below 0.29 and begins to rebound. During the upward move, you can take partial profits in stages, locking in 50%-75% of your position.

The ultimate decision on whether it will rise further or continue to fall depends on how that rebound unfolds. If the rebound is strong, it may indicate that the downtrend has not been fully established; otherwise, it confirms the dominance of the bears. In summary, the current phase is about waiting for a breakout, waiting for a rebound, and waiting for confirmation — no need to rush.