Pippin, the autonomous LLM AI model, has seen considerable social media chatter in recent days. It was pointed out on Santiment on the 24th of November.
Since then, the PIPPIN altcoin has seen a 345% rally, and could go even higher.
Source: X
An influencer on X noted that a bullish symmetrical triangle pattern could be forming, which could take a few days of consolidation before a breakout past the $60 million market cap.
Are these expectations rooted in reality, or will the PIPPIN rally fail to gain traction?
Small-cap PIPPIN rockets higher after consolidating since June
At the time of writing, the token had a $117 million market cap. Despite gaining 58.6% in 24 hours, the daily trading volume has fallen by 11.4%.
This was likely due to the relatively high trading volume on Saturday not being matched at the time of writing.
The start of the next week could give vital clues for where Pippin prices would trend in the short term. Low trading volumes and a shallow price dip would be indicative of a period of reset.
Source: PIPPIN/USDT on TradingView
Such a reset might not fall below the $0.09-$0.1 area, since it has been flipped from resistance to support over the past three days.
The structure on the 1-day chart showed that the $0.04 level must be lost to the bulls to shift the structure bearishly.
That did not look likely to happen soon. The moving averages reflected bullish momentum, and the OBV noted high buying volume over the past week.
Even in the event of a minor retracement, the next price target would be $0.159, according to the Fibonacci extension levels plotted.
Source: PIPPIN/USDT on TradingView
The 1-hour chart reflected the strong bullishness over the past 36 hours. The RSI was in overbought territory but did not make a bearish divergence yet.
The moving averages at $0.1066 and $0.086, as well as the $0.09-$0.1 zone, were the next key supports to watch out for.
Final Thoughts
- PIPPIN presented a bullish structure on the daily and 1-hour timeframes and has strong upward momentum. A retracement toward $0.1 would be a buying opportunity.
- If the buying pressure is sustained, PIPPIN could rally another 25% to reach $0.159.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
Source: https://ambcrypto.com/pippin-rallies-345-from-the-weekly-lows-should-you-buy-it-now/