Pippin (PIPPIN) experienced a sharp sell-off, with its price dropping roughly 37% over 24 hours. This decline coincided with a $43 million drop in Open Interest, signaling a wave of leveraged position closures. A surge in trading volume suggested heavy selling activity, while technical analysis indicated the token’s market structure had turned bearish, testing a key support level.
The cryptocurrency Pippin (PIPPIN) saw its price drop roughly 37% over a 24-hour period, according to data from CoinMarketCap. This sharp decline coincided with a $43 million decrease in Open Interest, which typically signals traders exiting leveraged positions during a price fall. The data suggested derivatives traders rapidly unwound bullish bets.
Trading volume for PIPPIN spiked by approximately $340 million during the same timeframe. However, an analysis of Funding Rates indicated seller dominance, implying the volume surge was driven by aggressive sell orders rather than accumulation. On the technical front, PIPPIN’s market structure turned bearish, characterized by lower highs and lower lows.
The price accelerated toward a key demand zone near $0.185, which could trigger a short-term reaction from buyers. The token also traded below its Exponential Moving Average, reinforcing the bearish outlook. If downward momentum continues, the $0.185 zone becomes the next critical test for the asset.
