PIPPIN's Technical Strength Persists Amid Short-Side Capitulation

PIPPIN defies pullback weakness as shorts keep fueling the rally. Liquidation data reveals a decisive imbalance: $9.94M in short positions wiped out versus just $1.21M on the long side in 24 hours. Despite a 3.72% daily dip and 22.67% weekly pullback, the token’s chart structure and funding dynamics continue to signal upside potential.

The most telling story isn’t written in price action alone—it’s embedded in the derivatives market. Over the past day, PIPPIN triggered $11.15M in total liquidations, but the split tells everything. Short sellers got hammered to the tune of $9.94M while long positions saw minimal damage at $1.21M. When the majority of forced exit orders flow from one side, it typically accelerates moves in the direction the market’s already heading.

Funding rates have remained consistently negative even as PIPPIN climbed, meaning bearish traders are actually paying a premium to hold short positions. That’s a contradiction worth noting. The price keeps grinding higher while the funding structure screams that shorts haven’t given up conviction. The inevitable result: when momentum turns against crowded bearish bets, forced covering creates its own buying pressure, independent of fresh bullish appetite.

Chart Structure Holds Through the Shakeout

PIPPIN sits near $0.34 at present, marking a noticeable pullback from recent momentum peaks. Yet the damage isn’t structural. The broader uptrend that unfolded after months of tight consolidation hasn’t been erased. The token spent considerable time building a compressed base before the breakout arrived with force, and that foundational shift in market tempo remains intact.

The chart reveals key technical markers still in play. Fibonacci extension levels continue to outline probable resistance targets, while the token’s major support bands—established during the initial breakout phase—remain undisturbed. A rising trendline overhead stays steep but unbroken. RSI readings have cooled from the overbought extremes near 95, which is healthy rather than alarming. Such pullbacks in momentum indicators typically allow consolidation without dismantling the underlying trend.

Liquidation Data Fuels Conviction

The mismatch between bearish funding costs and bullish liquidations suggests PIPPIN’s structure is being defended by forced short exits rather than organic selling. This dynamic has historically preceded explosive directional moves once consolidation completes. Traders caught leaning short feel pressure mount with each higher close, and their exit orders become fuel for the next leg.

PIPPIN’s 30-day performance (+8.70%) demonstrates persistence despite recent weakness, and the ongoing derivatives squeeze suggests the market hasn’t exhausted bullish potential. As long as support levels hold, the technical setup favors continued exploration of higher targets, provided momentum can absorb overhead resistance without collapsing into panic.