Pippin hovers near $0.80 on Friday after hitting a record high of $0.90 on Thursday.
Altcoins, such as Stable (STABLE), Decred (DCR), and Pippin (PIPPIN), are extending gains so far this week, defying the risk-averse conditions in the broader cryptocurrency market. Stable and Pippin are near record high levels, while Decred extends its breakout rally above $30. Technically, the uptrend in STABLE, DCR, and PIPPIN remains sound, but the broader market condition remains a risk to the steady recovery.
Stable is up over 3% at press time on Friday, extending gains for the fourth consecutive day. The ongoing recovery accounts for roughly 30% gains so far this week and maintains a near-term bullish bias.
The R2 Pivot Point at $0.04181 serves as the initial resistance for Stable.
The Moving Average Convergence Divergence (MACD) is moving above its signal line in the positive territory amid rising MACD histograms, suggesting sustained bullish momentum. Meanwhile, the Relative Strength Index (RSI) at 73 remains overbought, indicating a steady increase in buying pressure could be reaching oversaturated levels.
On the downside, the resistance-turned-support R1 Pivot Point at $0.03213 remains a crucial demand level.
Decred edges higher by 10% at press time on Friday, building on Thursday’s 10% rise and marking its eighth consecutive day of uptrend. The DCR token crosses the $35.00 mark and approaches the 61.8% Fibonacci retracement level at $38.07, measured from the November 4 high of $70.00 to the December 23 low of $14.21.
If DCR clears this level with a daily close, it could target the 78.6% Fibonacci retracement level at $49.76.
The technical indicators on the daily chart reaffirm the bullish bias. The MACD histograms rise consistently as the average lines extend higher into positive territory. Meanwhile, the RSI at 79 shows overbought conditions, but the upward trend suggests persistent buying pressure rather than a completed exhaustion pattern.
On the flip side, the 50% retracement level at $31.54 could serve as immediate support.
Pippin trades around $0.80 at the time of writing on Friday, holding steady after a 9% rebound the previous day. The meme coin is trading near record high levels as it tests the R3 Pivot Point at $0.8012.
If PIPPIN secures a daily close above this level, it would open the door to the R4 Pivot Point at $0.9254.
The MACD and signal line maintain an upward trajectory amid consecutively rising positive histograms. At the same time, the RSI at 73 turns flat in the overbought zone, suggesting stagnation in buying pressure and a potential pullback.
Looking down, the crucial support for Pippin remains the R2 Pivot Point at $0.6720.
