PIPPIN this wave of action is indeed fierce. From 0.03 at the end of November last year, it ran all the way to 0.336 in early January this year, rising more than tenfold in just over a month, and experienced several rounds of intense long-short battles between major capitals in between.

The most interesting part is the elevated funding rates over those two months, which played out like a soap opera in the futures market. By now, a strong bearish candle has appeared on the 4-hour chart, directly breaking through the previous consolidation range, with bearish momentum clearly overwhelming bullish momentum.

From a technical perspective, the lower boundary of the consolidation range over the past two days is around 0.394, a price level that has now become the defensible position for the bears. As long as the price doesn't break above this level, the short-term bearish logic remains intact. How the subsequent price action develops depends on continuing to watch this critical point.