PEPE plummets again? Next target between $0.0000122 and $0.0000134?
During the late May pullback, selling pressure began to intensify, and by mid-June, the CMF indicator fell below -0.05, indicating a large outflow of funds.
At the time, it was expected that the price of PEPE might retrace the entire mid-May rally and fall to $0.0000089.
The bulls ensured that this did not happen and firmly supported the 78.6% retracement level, which is $0.0000107. However, they failed to break through the 50% retracement level, which is $0.000013.
The liquidation heat map data for the past three months shows that there are a large number of liquidation level clusters in the $0.000008 to $0.000009 area.
These level clusters can attract prices like magnets, especially because the 50% Fibonacci retracement level continues to act as a strong support.
However, not all liquidity clusters can be easily touched. If bulls are able to gain a foothold in the coming weeks, the $0.000018 area could become the next important liquidity target.
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The liquidation levels over the past two days show that the number of short positions far exceeds the number of long positions. This suggests that if there is a rebound in price, it may lead to a squeeze on short positions.
The next important liquidity area in the short term is between $0.0000122 and $0.0000134.
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