Pepe Drops Below Key Moving Averages Amid Bearish Technical Indicators
Pepe (PEPE) has dropped below its key short- and medium-term moving averages, despite remaining above long-term support. The token is currently trading at $0.0000041, marking a daily decline of 7.85%. This comes after a surge in short liquidations across three exchanges, which added $670,000 in buybacks within one hour during volatile trading.
According to Tokenpost, the sharp wave of short liquidations was a result of forced buying activity amid intraday volatility. This event added a layer of transitory upward liquidity, even as broader sell pressure dominated the session. PEPE has also cleared both its 50-day and 200-day moving averages for the first time since spring, per Tokenpost and Fxstreet, and retested a weekly trendline near $0.00000438.
The technical indicators are skewed bearish, with a mixed setup among momentum indicators. RSI and CCI remain on Sell, while the Stochastic RSI is oversold, and MACD and ADX both register Neutral readings. Bull/Bear Power continues to favor sellers, reinforcing the prevailing intraday bearish tone.