The price of PEPE, a memecoin, has dropped to $0.000018, a 10% decline in 24 hours. This drop is attributed to bear traders who are using excessive leverage to boost their profits amid market turmoil. The US Fed's hawkish approach has raised macroeconomic uncertainty, leading to a market-wide sell-off.
Technical data indicates that PEPE's price may drop below $0.000015. Bear traders have taken advantage of the crypto market turmoil to increase their gains, with cumulative short leverage holdings reaching $15.1 million, dwarfing active long positions by over 85%.
The article predicts that if PEPE's price breaches below $0.000017, it may lead to further declines, with bears targeting $0.000010. However, if PEPE regains the $0.000020 resistance level, it may signal a positive comeback and draw sidelined buyers.
Summary:
- PEPE's price has dropped to $0.000018, a 10% decline in 24 hours.
- Bear traders are using excessive leverage to boost profits amid market turmoil.
- Technical data indicates a possible drop below $0.000015.
- Cumulative short leverage holdings have reached $15.1 million, dwarfing active long positions by over 85%.
- The article predicts further declines if PEPE's price breaches below $0.000017, but a positive comeback if it regains the $0.000020 resistance level.
