Crypto
PEPE Price Volatility: Frog Token at Risk of Sharp Correction
The price of PEPE is currently trading at $0.00000367, stuck in a symmetrical triangle formation and showing neutral momentum on its daily chart.
Despite some optimism around the Canary Capital spot PEPE ETF filing, the overall sentiment remains skewed towards greed, which can be a precursor to a sharp market correction.
The technical setup for PEPE is precarious, with price hovering near the apex of the triangle and showing a lack of conviction from both buyers and sellers.
Bitcoin's recent drop to $77,600-$79,500 has put downward pressure on PEPE, and if the Federal Reserve hikes interest rates as expected, it could lead to a sharp decline in the frog token's price.