$PIPPIN This pullback tells another story according to the data.

The market looks bloody on the surface, but the liquidation data reveals a different story—the short liquidation volume is three times that of the longs. In other words, the main fuel for this round of decline comes from the forced liquidation of short positions.

What's more interesting is the flow of funds. On-chain data across multiple time periods shows a net inflow state, with some quietly building positions in panic. Prices have returned to technical areas that some veterans are watching.

From a technical perspective, several positions:

The current price around $0.180 is the first observation area, where some choose to tentatively enter the market.

If it continues to drop to $0.165, this position has historically become support multiple times, which may trigger more aggressive buying.

$0.142 is a key support line; if it breaks below this, the entire logic needs to be reevaluated.

Looking up, $0.198 is the first resistance level, and after breaking through, $0.220 may become the next target.

When market sentiment and data indicators diverge, it often signifies that a turning point is near. In panic, some are exiting the market while others are positioning themselves.

This is not a guaranteed profit opportunity, but a situation worth pondering regarding the risk-reward ratio. Before making a decision, think carefully about your position management and stop-loss discipline.

Data can speak, but in the end, it depends on how the market moves.