The trend of $PIPPIN is now logically clearer. Large investors holding short orders need to continuously lure and kill shorting positions to relieve pressure, while accumulating high-level long positions in preparation for subsequent Close Position. In this process, the trading difficulty in different price ranges is completely different.

Going long in the high range of 0.4-0.5 is basically a dilemma: either the profits are minimal, or you get directly trapped. Shorting in the low range of 0.2-0.3 is also similar, as the risk of catching a falling knife far outweighs the profit potential.

The real embarrassment is between 0.3 and 0.4—whether going long or short, the result is often just a small profit before being pulled back, or directly stopping out. This price range is simply a harvesting ground for the big players, and retail investors are just taking chances here. In the short term, unless there is clear positive news or a change in fundamentals, chasing long or short positions in these ranges requires a very strong risk management awareness.