PIPPIN Surges 8.4% as Price Tests $0.01866 Resistance with Rising Volume

PIPPIN, currently ranked 1404 by market capitalization, surged 8.4% in the last 24 hours, trading at $0.01821 as of the latest data [1]. The price remains above its key support level at $0.01645, which has held firm through multiple retests during short-term sell-offs. The upward trend has continued since early August, characterized by higher lows and increasing buyer confidence, as noted by the stability of the ascending trendline connecting these lows since April [1].

The immediate resistance at $0.01866 is a critical price level for PIPPIN. This level has previously acted as a ceiling for price advances, causing multiple rejections during prior attempts to break through. A successful breakout above this resistance could position the token for a more substantial move, with the next target identified near $0.05059, as indicated in chart analysis from TradingView [1].

Market participants have noted a significant increase in trading volume during upward price moves, particularly in recent sessions. This rise in volume suggests growing participation and interest in the token, reinforcing the possibility of a continuation in the current upward trend. The volume data aligns with the price activity observed on the daily chart, which shows price consolidating close to resistance while staying near the ascending support line [1].

The current chart setup reflects a tightening price range, often a precursor to a more decisive market move. The token's proximity to both key support and resistance levels creates a high probability of increased volatility as it approaches the $0.01866 threshold. Traders are closely monitoring whether the buying pressure remains sustained, as this would determine the likelihood of a breakout or a pullback.

The token's performance against Bitcoin also shows strength, with PIPPIN gaining 8.2%, trading at 0.061525 BTC [1]. This relative performance highlights the token’s resilience within the broader crypto market, especially as it continues to trade within a defined buy zone. The accumulation period from May to July, during which price movements were contained, has now transitioned into a phase of upward breakout attempts, suggesting renewed buyer interest [1].

Traders are also paying close attention to risk management signals, with a stop-loss zone identified around $0.01287. This level serves as a key reference for managing downside risk in case of a failed breakout attempt. The current structure, combining rising volume and a well-defined support-resistance range, provides a clear framework for both short-term and potential longer-term price action [1].

The market structure for PIPPIN has remained consistent through the summer months, with price activity contained between $0.01645 and $0.01866. This pattern, observed in Binance’s perpetual contract market, positions the token for potential volatility as August progresses [1].

Source: [1] PIPPIN Surges 8.4% as Price Tests $0.01866 Resistance with Rising Volume (https://cryptonewsland.com/pippin-surges-8-4-as-price-tests-0-01866-resistance-with-rising-volume/)