Despite the bearish trend that has dominated the crypto market, the meme coin PIPPIN has stood out, flying green while others stalled. Over the weekend, the meme coin emerged as one of the top gainers, rising by more than 50% and doubling its value in only a few days. Interestingly, one crypto analyst had previously called out the PIPPIN rally, predicting that the price would rise. But even with the major rally so far, the analyst’s total prediction is yet to play out completely.
The Breakout That Started It All
In the analysis, Edoardo Telve points to the first breakout that began all of this for the PIPPIN price. This had come after the meme coin had suffered an extended accumulation range, which began back in March, lasting for seven months in total. This allowed the meme coin to form a structural bottom that allows for the kind of expansion that it has seen so far.
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Once the breakout began, the PIPPIN price began to destroy resistance after resistance, leading to what the analyst calls “ the cleanest, strongest bullish shift the chart has shown all year.” As a result, all of the resistances that had prevented true breakouts in the past have been promptly covered.
Amid this, there have been a number of areas of interest that have emerged, and the price staying above them suggests that the bullish trend continues to hold. The analyst refers to these levels as the 4EMA cluster, ranging between $0.02, $0.03, and $0.05. As long as the price remains above these levels, it means that the PIPPIN will maintain its strong upward momentum.
Where Is The PIPPIN Price Headed?
So far, the PIPPIN price has expanded rapidly, rising over 400% in the last week. The Sunday rally saw it touch above $0.19, stopping just short of $0.2. Despite this impressive rally, the analyst says the best may be yet to come.
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Telve points to factors such as the rising volume, strong impulsive candles, and lack of sharp rejection wicks as indications that the current rally is being driven by buyers as opposed to this being a liquidity grab. The PIPPIN price has also put in higher lows and maintained support above key resistance levels, as well as holding above the 4EMA stack pointed out by the analyst.
As the meme coin continues to maintain the current expansion phase, the analyst believes that $0.3-$0.32 remains the final target. Interestingly, this level is historically a large supply zone, suggesting that this is where the sell-offs might begin in full bloom.
Featured image from Dall.E, chart from TradingView.com
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