PEPE has been seriously affected by the general selling wave in the crypto market and has experienced a sharp decline of 12.9% in its value. Although on-chain data indicates that investors are still holding positions on the buying side, increasing liquidations indicate that pressure on the price continues.

The popular meme coin PEPE has been affected by the selling winds in the markets and, at the time of writing, has lost 12.9% of its value, dropping to $0.000001071. In the last 24 hours, trading volume has exceeded $1.57 billion, while the market cap has decreased to $4.5 billion. With a massive supply of 420.6 trillion, PEPE has experienced a 23.3% decline over the past month.

According to Lookonchain data, open positions in PEPE futures are around $577 million, and funding rates are balanced between neutral and positive. Long/short ratios at major exchanges like Binance, OKX, and Bybit indicate that investors are still taking positions in favor of PEPE. For instance, while the long position ratio for large investors on Binance approaches 95%, the long-short ratio on OKX has been measured at 2.33.

However, despite this optimism in futures, the liquidation amounts realized in the last 24 hours reveal that serious losses have been experienced. In just the last day, $2.89 million worth of positions were liquidated, of which $920,000 came from short positions and $1.97 million from long positions. This suggests that the sharp decline in PEPE's price may have been triggered by a stop-hunt (liquidation trap) effect.

PEPE Technical Analysis

According to TradingView charts, it appears that critical support levels in the PEPE/USDT pair have been broken downwards, and a general downtrend continues. Daily charts show that lower highs and lows are continuing, but no significant increase in volume is observed.

Technical indicators present a clear picture: moving averages and oscillators give a 'strong sell' signal. Although the RSI indicator has approached the neutral zone, no oversold signal has yet formed.

If sustainability is provided below $0.000001050, the next support area is technically around $0.00000094. For a recovery in the short term, the resistance at $0.00000115 needs to be overcome with significant volume.

PEPE, despite facing strong selling pressure, on-chain data and exchange positions still indicate a potential for recovery. However, technical indicators require caution and careful movement.


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