The memecoin Pippin (PIPPIN) saw a notable price surge but failed to break out of its current trading range. The token gained 11% to hit $0.39 before retracing to $0.36, supported by a 72% jump in trading volume. Derivatives activity surged, with CoinGlass data showing Open Interest rising 11% to $96 million. However, seller dominance on the spot market and weak momentum indicators suggest continued consolidation between $0.30 and $0.40.
The memecoin PIPPIN attempted a breakout from its consolidation range, hiking 11% to a local high of $0.39. As of this writing, it traded at $0.36, up 8.41% on the daily charts with a 72% increase in trading volume backing the move.
Renewed market interest saw demand for Futures positions rise significantly. According to CoinGlass data, Derivatives Volume increased 146% to $471 million while Open Interest rose 11% to $96 million. Over $156 million flowed into the derivatives market over the past 24 hours.
The Long/Short Ratio on Binance and Bybit jumped to 1.19, with longs accounting for 54% of positions. When this ratio holds above 1, it suggests that most market participants were bullish and took long positions. However, on Binance alone, the long-short account ratio remained around 0.92, indicating market indifference.
Selling pressure skyrocketed after the price rose above $0.36, halting the breakout attempt. According to Coinalyze data, Sell Volume rose to 101 million against a Buy Volume of 84 million, leaving a negative net volume of -17 million.
Momentum indicators point toward strong downside momentum despite some bullish signals. The Stochastic RSI sat around 4.9, indicating dominant seller-driven momentum, while the MACD DEMA remains within the negative zone. These conditions point towards extended market weakness and continued sideways trading.
