PIPPIN's Structural Foundation Holds Firm Despite Recent 62% Pullback From Peak Levels

PIPPIN maintains its long-term uptrend framework even after a substantial retracement from recent record highs. Negative funding dynamics and mounting short-side losses continue to support upward momentum. Technical indicators show overbought conditions, yet the underlying price structure demonstrates persistent strength.

PIPPIN has proven surprisingly durable across higher timeframe charts, despite losing approximately 62% from its all-time high near $0.78. Current on-chain analysis via TradingView reveals that the fundamental structure remains largely intact. The token continues trading above its established accumulation base, which took months to construct through price compression before the eventual breakout. That breakout shifted market psychology, and recent weakness hasn’t reversed that narrative.

As of the latest snapshot, PIPPIN trades around $0.28. While this represents a sharp 24-hour decline of 9.96%, the broader weekly picture shows an 18.60% drop, and the month-long performance reflects a 37.33% retreat. This price action tells a nuanced story: the initial momentum surge that carried the token from its base has faced serious headwinds, yet the structure that enabled that move hasn’t fully collapsed.

Foundation Architecture Remains Intact Despite Pullback Intensity

The chart reveals how extensively PIPPIN spent building its base before the breakout occurred. Months of price consolidation and grinding laterally eventually resolved in a decisive upward move that cleared multiple Fibonacci extension levels without hesitation. The token subsequently established range-bound consolidation near the 100% extension zone around $0.53, though that level has since been lost.

The breakout structure itself—the series of shelves and support bands that defined the initial move—still holds on the chart. A rising resistance trendline remains overhead, though traders should monitor whether this channel survives further downside testing. Should the market stabilize near current levels, the foundational narrative could still point toward higher probes.

Fibonacci extension levels at 127.2% and 141.4% mark the next significant price markers, though the path to reach those targets now requires considerably more conviction than before. Momentum readings have already shown extreme readings—RSI touched oversold territory on the decline—which typically precedes consolidation phases rather than free-fall capitulation.

Derivatives Market Dynamics Reveal Structural Imbalance

The derivatives market offers particularly revealing signals. CoinGlass data shows that funding rates remain elevated despite the pullback, suggesting that leveraged positioning never fully de-risked during the decline. This positioning imbalance creates both risk and opportunity.

Over the past 24-hour period, liquidation data paints a telling picture of forced selling. Total liquidations reached approximately $11.15M across both sides. Short-side liquidations dominated at $9.94M compared to just $1.21M from long positions. This imbalance—where shorters face greater liquidation pressure despite downward price movement—indicates that bearish bets remain crowded relative to recent price weakness.

When bearish positioning outweighs adverse price action, it creates a structural tension. As shorts get forced to cover, their buying pressure can accelerate recovery moves once a reversal momentum establishes. The current liquidation data suggests this dynamic remains embedded in the market structure.

Market Structure Summary

PIPPIN’s technical foundation across higher timeframes has withstood the recent correction, despite the magnitude of price loss from peak levels. The derivatives market continues showing positioning skew that favors bullish scenarios if stability emerges. The challenge lies in whether the token can consolidate without breaking through critical support bands. If PIPPIN manages a sideways phase without cracking foundational levels, the structural case for eventual higher prices maintains validity.