Crypto
Pepe Price Dives Below Key Levels Amid Ongoing Selling Pressure
A sharp selloff in Pepe (PEPE) has sent its price plummeting to $0.0000045, down 7.93% on the day.
The price of PEPE is currently below its key moving averages, indicating a weaker near-term structure.
A rapid short squeeze in Pepe earlier this year forced over $2 million in short liquidations, igniting a sharp liquidity-driven rally and a total of $4.09 million in liquidations over the past day.
The market capitalization of PEPE briefly exceeded $2 billion due to the forced cover activity.
According to technical analysis, the price of PEPE is expected to range between $0.000004057 and $0.00000501 for the next several days, with a higher probability of a downward move estimated at 65%.