Pippin's recent price surge has broken above a cup and handle pattern that suggests a potential 300% upside. The rally is driven by organic demand rather than leverage, with open interest rising while funding rates remain low.
According to technical analysis, the cup and handle pattern indicates a possible $2.06 price target for Pippin. This setup has been observed in other cryptocurrencies and has a high success rate. However, it is essential to note that not every cup and handle pattern reaches its measured target.
The data suggests that the rally is driven by organic demand rather than speculation or leverage. Open interest has risen significantly, while funding rates have dropped, indicating that traders are not over-leveraging their positions. This could lead to a supply shock if more investors enter the market.