Pippin tumbles 37% as $43M in open interest evaporates — price heads for $0.185 demand zone
Pippin (PIPPIN) plunged about 37% in the last 24 hours, a slide accompanied by a roughly $43 million reduction in Open Interest — a clear sign that leveraged positions were rapidly closed out. According to CoinGlass data, this kind of sharp contraction in OI alongside falling prices typically reflects forced liquidations of long positions and a quick unwind of bullish derivatives exposure.
Trading activity spiked at the same time: AMBCrypto’s analysis shows PIPPIN’s trading volume surged by roughly $340 million during the drop. While high volume can signal strong participation, bearish funding rates throughout the move suggest the activity was dominated by sellers rather than accumulation, amplifying downside pressure.
Technical picture turns decisively bearish
On the daily chart, PIPPIN’s market structure flipped to bearish, with lower highs and lower lows now defining the trend. The token fell below its Exponential Moving Average (EMA), reinforcing the negative outlook, and is accelerating toward a key demand zone near $0.185. That area could attract short-term buying, but ongoing selling momentum and the scale of recent liquidations mean any bounce may be fragile.
What to watch next
- Open Interest: The $43M OI drop underscores capital exiting derivatives positions; renewed contractions would signal continued deleveraging.
- Funding rates: Persistently negative rates indicate seller dominance and could keep upward moves limited.
- $0.185 demand zone: A strong bounce here would relieve some pressure; a weak reaction could expose PIPPIN to deeper losses.
Bottom line: Market structure and derivatives metrics currently favor the bears. The recent liquidation wave and seller-led volume increase have intensified distribution pressure, putting the $0.185 zone squarely in focus as the next critical test.
Disclaimer: This article is informational only and not investment advice. Crypto trading carries high risk; do your own research before making decisions. Sources: CoinGlass, AMBCrypto, TradingView. © 2026 AMBCrypto
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