Lower PEPE prices $0.000020 support as bears gain
At $0.000018 on Wednesday, PEPE declined almost 10% in 24 hours.
Leveraged short PEPE holdings exceeded active long contracts by over 85% at $15.1 million.
Technical data indicate a probable drop below $0.000015.
PEPE fell 10% to $0.000018 on Wednesday as traders quickly reduced high-risk memecoin position amid market turmoil. Bear traders use excessive leverage to boost profits during macroeconomic uncertainty
PEPE drops $0.000020 support as bears gain.
Wednesday saw PEPE and other high-risk memecoins fall. The US Fed's hawkish approach spurred the market-wide sell-off by raising macroeconomic uncertainty.
PEPEUSD Price Action
PEPE fell 10% in 24 hours, from $0.000020 to $0.000018 on Wednesday.
Wider crypto markets are falling amid macroeconomic uncertainties.
Bear traders leverage $15 million for more downside.
PEPE has fallen due to market volatility after the Fed's hawkish comments in late December.
As liquidity and financial conditions tighten, traders are reducing exposure to high-risk speculative assets like memecoins.
PEPE bear traders have taken advantage of the crypto market turmoil to increase gains.
According to the PEPE Exchange Liquidation Map, cumulative short leverage holdings have reached $15.1 million, dwarfing active long positions of $5.5 million by over 85%.
A large short position means traders are actively leveraging their bets to increase profits if the price declines further.
PEPE Price Prediction: Bears may reverse $0.000010.
PEPE is trending down, trading at $0.000018 after losing 13.19% in one session.
A breach below $0.000017 might cause more falls approaching the psychological $0.000015 mark in the bearish scenario.
A break of this level might lead to a further decline, with bears targeting $0.000010.
Reclaiming the $0.000020 resistance level, denoted by the 30-day SMA, would signal a positive comeback.
PEPE may draw sidelined buyers and surge toward $0.000022 if it regains this level.
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