At $0.000018 on Wednesday, PEPE was down nearly 10% in 24 hours.
Short positions in PEPE stocks outnumbered active long positions by more than 85% at $15.1 million.
Technical data indicates a possible decline below $0.000015.
PEPE fell 10% to $0.000018 on Wednesday as traders quickly cut high-risk positions in memecoin amid market turmoil. Bear traders use excessive leverage to increase profits during macroeconomic uncertainty.
PEPE has fallen below $0.000020 support as bears gain.
Wednesday saw PEPE and other risky memecoins fall. The hawkish approach of the US Federal Reserve has prompted a sell-off in the market by increasing macroeconomic uncertainty.
PEPEUSD Price
PEPE dropped 10% in 24 hours, from $0.000020 to $0.000018 on Wednesday.
The broader crypto markets are trading lower amid macroeconomic uncertainty.
Bear traders are using $15 million to push the price down further.
PEPE fell on market volatility after the Federal Reserve's hawkish comments in late December.
As liquidity and financial conditions tighten, traders are reducing their exposure to high-risk speculative assets like memecoins.
PEPE bear traders took advantage of the turmoil in the crypto market to increase profits.
According to the PEPE Exchange liquidation map, cumulative short leveraged holdings have reached $15.1 million, outpacing active long positions of $5.5 million by more than 85%.
Large short positions mean that traders are actively raising their bets to increase profits if the price falls further.
PEPE Price Prediction: Bears may reverse to $0.000010.
PEPE is trending lower, trading at $0.000018 after losing 13.19% in a single session.
A break below $0.000017 could trigger further declines approaching the psychological $0.000015 level in a bearish scenario.
A break of this level could lead to further declines, with bears targeting $0.000010.
A reversal of the $0.000020 resistance level, denoted by the 30-day SMA, would signal a positive rebound.
PEPE may attract hesitant buyers and rise towards $0.000022 if it reclaims this level.