 ▲ Pippin (PIPPIN) / Source: X © |
As dark clouds hang over the broader virtual asset market, AI-themed coin Pippin (PIPPIN) is surging alone, racing toward a new all-time high. A powerful wave of buying from retail investors combined with positive technical indicators is fueling an explosive rally.
According to CoinMarketCap on February 23 (local time), Pippin jumped more than 19% intraday, breaking above the $0.70 level and aggressively chasing its all-time high of $0.77. Over the past month, Pippin has soared an astonishing 92.5%, a performance that sharply contrasts with the overall weakness in both the broader crypto market and the AI token sector. Bittensor (TAO) is currently trading at $171, down 1.3% over the past 24 hours, while Near Protocol (NEAR) has fallen 2.8%. The total market capitalization of the AI token sector has also declined by about 2% over the same period, standing at approximately $13.56 billion.
According to investment media outlet FXStreet, the driving force behind Pippin’s outperformance is the explosive growth in retail demand within the derivatives market. Open interest in Pippin futures surged vertically from $161 million the previous day to $245 million as of Monday. Such a sharp rise in open interest suggests a revival in risk appetite and growing confidence among retail investors, heightening expectations for further gains.
Technical indicators also support a bullish outlook for Pippin. The token is currently holding firmly above $0.70, well above its 50-day exponential moving average (EMA) at $0.41, 100-day EMA at $0.33, and 200-day EMA at $0.23. All three moving averages are trending clearly upward, underpinning stable price appreciation. On the daily chart, the Moving Average Convergence Divergence (MACD) remains solidly above the signal line, confirming ongoing bullish momentum, while the expanding green histogram is encouraging traders to increase long positions.
However, some analysts are warning of potential short-term overheating. The daily Relative Strength Index (RSI) stands at 68, approaching overbought territory. While this reflects strong bullish momentum, it also serves as a cautionary signal that a correction could be imminent. If the RSI turns downward toward neutral levels, large-scale profit-taking could emerge, intensifying downward pressure. Should the immediate support at $0.70 break, Pippin may retreat to $0.55—its previous peak from January 28—to test support there.
*Disclaimer: This article is for investment reference only and the publisher is not responsible for any investment losses incurred based on it. The content should be interpreted for informational purposes only.*