The AI memecoin PIPPIN has recently captured market attention with a significant price retracement, occurring amidst a broader sell-off in the crypto market led by Bitcoin. Despite experiencing a deeper-than-anticipated dip, the asset is demonstrating resilience, prompting analysts to evaluate both its immediate and long-term prospects within its established trading ranges.
Navigating the Recent Retracement
In the past 36 hours, PIPPIN underwent a steep retracement, falling to $0.533, a more pronounced dip than initially foreseen. This price action was significantly influenced by Bitcoin's recent struggles, which saw the leading cryptocurrency plummet by 6.9% from $68.4k to $63.7k. The intense selling pressure across the market resulted in substantial losses for PIPPIN bulls, with approximately $2.64 million worth of long liquidations occurring over two days. This highlights the interconnectedness of altcoin performance with Bitcoin's market movements.
A Resilient Long-Term Bullish Bias
Despite the recent volatility, PIPPIN retains a bullish daily structure, signaling a potentially strong long-term outlook. The critical $0.5 demand zone has been retested and appears to hold, suggesting a robust support level. Analysts indicate that a daily session close below $0.435 would be required to shift swing traders' biases bearishly, but until then, any approach towards the $0.50-$0.55 range is considered a buying opportunity. Furthermore, the $1.15 Fibonacci extension level remains a valid price target to the upside, reinforced by earlier signs of bearish divergence that predicted a return to current demand zones.
Short-Term Opportunities Amidst Volatility
For short-term traders, PIPPIN's ability to maintain its bullish 1-day timeframe structure despite Bitcoin's weakness is notable. The $0.50 demand zone has already elicited a strong bullish reaction on the 1-hour chart. While increased volatility is anticipated over the weekend, particularly late Sunday, market observers are watching the $0.466 area. This zone, identified by a cluster of long liquidations, could attract the price lower. A potential buying opportunity may emerge around March 2nd if PIPPIN tests $0.466 and shows a bullish reaction, provided Bitcoin simultaneously holds above $63k. However, a drop below the short-term range lows of $0.435 would invalidate this optimistic short-term scenario.
