#数字资产生态回暖 $PIPPIN's recent market performance is quite worth analyzing. The price has been fluctuating in place repeatedly, but the capital flow has remained a net inflow. Although the bulls have been kept on the hook, the number of traders willing to short has clearly decreased—this itself indicates the level of market divergence.

From the project's perspective, the easiest approach in this pattern is to hype the market. The usual routine is: first create a false impression of an upward breakout, attracting off-market longs, and once the chips are sufficiently accumulated, then pull back accordingly. Because long-term sideways trading itself is a cost to maintaining a high market cap, actually pushing the price upward would entail even higher costs.

Based on this logic, the most likely scenario to watch next is testing the 0.4 range. Once this level is touched, it may create an illusion of "initiation," attracting more participants to enter. Then, following this wave of sentiment, a reallocation of funds can be completed. In simple terms, a trap of bullish speculation could be imminent.

$ZEC and $ETH's recent performance also warrants continued attention. The linkage effects among the three may provide more reference information for the subsequent trend.