The cryptocurrency PIPPIN experienced a dramatic single-day price crash of over 33%, erasing approximately $37.35 million from its market capitalization. Data indicates a significant buildup of short positions preceded the drop, leading to substantial futures liquidations. While broader bearish sentiment contributed, some technical analysis suggests the asset may be testing a critical historical support level that previously triggered a major price surge.
The cryptocurrency Pippin [PIPPIN] saw a sharp decline, with its market capitalization falling from approximately $94.15 million to $57.80 million in one day. This represented a loss of over $37.35 million in value.
Analytics tool Stalkchain shared on X that a massive buildup of short positions occurred before the crash. The post also pointed out that the asset’s perpetual volume appeared to be collapsing.
According to derivatives data from CoinGlass, PIPPIN Futures recorded liquidations totaling $2.62 million over 24 hours. Of this, $1.91 million came from long positions while short positions accounted for approximately $707,890.
The wave of liquidations has potential to influence market participants and may trigger additional selling pressure. Traders are heavily overleveraged at key levels of $0.0551 for support and $0.0609 for resistance.
Another major factor behind the price crash appears to be broader market sentiment, which remains bearish. The asset’s overall trend has been downward since late February, with the token losing more than 92% of its value.
On the four-hour chart, PIPPIN appeared to be rebounding after reaching a key support level of $0.0427. This level has held since November 2026 and previously sparked a significant price surge.
“If PIPPIN sustains above the $0.0427 level, the chances of a potential market rebound are high.” Under that scenario, analysis indicates the asset could see a strong price surge aiming for the $0.107 level.
The price has already jumped over 36% from the $0.0427 support level. The technical indicator Average Directional Index (ADX) has reached 45, well above the key threshold of 25, indicating strong directional momentum.
