Trader Nets $6.7M Profit as PIPPIN Hits $0.8454 All-Time High

• A trader who bought $180,000 worth of PIPPIN tokens turned it into $6.7 million in worth.
• PIPPIN hit a new all-time high at $0.8454. 

As the Crypto Fear & Greed Index continues to stay in the extreme fear zone for an extended period, while Bitcoin remains down over the past month, select altcoins are showing notable resilience. Among them, pippin reached an all-time high today, even as broader market pressure weighs on major assets. While pippin holders are currently sitting on unrealized profits.

According to the on-chain analytics platform Lookonchain, a trader who created a wallet named BXNU5a four months ago and bought 8.16 million pippin tokens by spending approximately $180,000 currently has those tokens worth around $6.7 million. 

As the major cryptos are struggling with the monthly extended losses, BTC is nearly 28% down, then, ETH is 34% down, whereas pippin is up over 157.76% over a month. While writing, pippin token is one among the top gainers on CoinMarketCap. 

The token is, up nearly 10% in the last 24 hours. Before settling down, it had reached an all-time high at $0.8454 today.  With that, the daily trading volume has increased 53.37%, reaching toward $102 million. Meanwhile, pippin’s open interest has been reduced 1.76% in the last 24 hours at the time of writing.

PIPPIN Price Analysis

Source: TradingView

The daily chart of PIPPIN shows strong bullish momentum over the past two weeks, after early February lows near $0.18–$0.20, and is now trading around $0.80. With that, the nearby resistance is placed near the recent high around $0.84 – $0.85, a  decisive breakout above this zone could reach the $0.90 level. On the downside, immediate support is seen around $0.75, followed by a stronger support zone near $0.65.  

When seeing the technical indicators, the Relative Strength Index is sitting at 72, as it reached the overbought zone, which implies strong momentum, but it shows the probability of short-term consolidation or pullback. Meanwhile, the Moving Average Convergence and Divergence line remains above the signal line, and the value remains positive, for now the trend remains bullish. 

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