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The risk of a potential price decline in Solana-based Pippin (PIPPIN) continues to rise, even after the token rallied 16% over the past 24 hours. As of April 17, while the broader crypto market remains under pressure, PIPPIN has posted notable gains and reached a key reversal zone where it has historically faced selling pressure.
At press time, PIPPIN was trading at $0.0355, up 16.05% over the past 24 hours. It also recorded an intraday high of $0.04273 during the same period. Trading volume rose by more than 95% to $51.02 million, suggesting increased market participation.
On the daily chart, PIPPIN is at a make-or-break level as it faces strong selling pressure around $0.04276. This level has recently shifted from support to resistance. The price attempted to breach it but failed, as seen on April 5.
If PIPPIN fails to break above $0.04276 again, the article notes there is a high possibility the token could repeat its prior pattern and experience a notable decline in the coming days. A sustained rally would require PIPPIN to clear the hurdle and close a daily candle above $0.04276.
The Average Directional Index (ADX), a measure of trend strength, stands at 40.89—well above the 25 threshold—indicating a strong directional trend.
If PIPPIN closes above $0.04276, the article projects an upside move of over 85%, potentially taking the price toward $0.075.
Derivatives analytics data from CoinGlass highlights two key overleveraged levels: $0.0338 on the downside and $0.0382 on the upside. At these levels, traders have built approximately $1.46 million in long positions and $1.05 million in short positions, reflecting a bias toward upward price movement.
The Long/Short Ratio reached 2.2866, indicating traders were heavily skewed toward long exposure and suggesting growing confidence in a potential upside move.
However, PIPPIN’s Open Interest (OI) declined by 8.26% to $59.10 million. The article interprets this as some traders closing positions, which could reflect short-term profit-taking or a slowdown in momentum despite the bullish derivatives sentiment.
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