Over $1 Million Lost in PEPE Liquidations: Is More Downside Ahead?
Main Idea
PEPE, a popular memecoin, has experienced significant liquidations exceeding $1 million, with technical indicators suggesting potential further downside if key support levels are not reclaimed.
Key Points
1. James Wynn's PEPE long position lost over $1 million, leaving only $14,850 in the account, highlighting the vulnerability of leveraged positions amid market volatility.
2. PEPE's price dropped over 10% in 24 hours, with analysts noting it must reclaim $0.0000118 to avoid further declines toward $0.00001080 or even $0.00000970.
3. Resistance is currently around $0.00001170, and a drop below $0.00001080 could trigger additional selloffs, reinforcing bearish dominance.
4. The coin is in a consolidation phase between $0.0000108 and $0.0000115, which could precede a significant move; a breakout above the upper trendline might lead to a rally toward $0.0000130 to $0.0000145.
5. Failure to hold support could validate bearish trends, increasing the risk of further downside.
Description
PEPE’s cascading liquidations increase bearish momentum across major trading wallets. Price remains below key resistance, with further downside likely without quick recovery. Triangle pattern on daily chart signals imminent volatility in upcoming sessions. Pepe (PEPE), the popular memecoin, finds itself under mounting pressure as technical indicators and on-chain data suggest further downside. With a steep drop in price over the past week and cascading liquidations triggered across major wallets...
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