PIPPIN's recent trend is quite interesting. After bouncing from the low of 0.2220, the four-hour K-line formed a very standard V-shaped rebound. The 24-hour increase once broke through the 20% mark, reaching up to 0.44650 before turning back. Currently, it is fluctuating around 0.42. This retracement looks like a classic operation where the main force is shaking out retail investors.

From the perspective of chips, the total contract holdings have gradually shrunk from high levels, but the total value of holdings has not dropped simultaneously, indicating that large funds are not fleeing en masse but are just cashing out some unrealized gains. Looking at the long-short ratio, on the surface, the number of short positions and holdings seem to dominate, but interestingly, every time the price drops, there is a pulse increase in active buy volume, clearly showing that big players are quietly accumulating at low levels. Retail short positions are piling up in this range, trying to bottom out.

In the short term, the price is likely to repeatedly test within the 0.40 to 0.44 range. After all, the previous high of 0.44650 is still there, serving as a natural resistance level. But the MACD just recently experienced a golden cross at the bottom, and the bullish momentum has not been fully utilized yet. Moreover, the decreasing volume is becoming more obvious, indicating that the selling pressure has basically been released. Once the price can stabilize above 0.44, the upside space will be directly opened. Currently, this oscillation range is actually the best window for funds looking to position.