Pepe Slips Below Key Moving Averages Amid Sharp Sell Pressure

Pepe (PEPE) has dropped below its key short- and medium-term moving averages, trading at $0.0000041 after a daily decline of 7.85%. This marks a significant shift from the previous trend, with the token previously surpassing both its 50-day and 200-day moving averages for the first time since spring.

A sharp wave of short liquidations across three exchanges resulted in $670,000 being closed within a single hour, adding temporary liquidity amid prevailing sell pressure. This event highlighted forced buying activity amidst intraday volatility.

Technical indicators are skewed bearish, with PEPE currently trading below the MA-20 and MA-50 on its hourly chart. However, it remains above the MA-200, which marks a long-term bullish structure.