Warning: Potential Bearish Trend Ahead for PEPE! 📈💥
Despite Pepe (PEPE) experiencing a significant surge in both daily and weekly performances, caution is advised as a potential crash looms on the horizon.
This week, PEPE faces the possibility of a long squeeze, which could result in a sharp price decline. The recent price surge has attracted both early investors and traders in the derivatives market, increasing PEPE's open interest to over $510.35 million, representing 16.4% of its $3.11 billion market cap.
With PEPE's 24-hour derivatives volume rising to $6.70 billion, an 81% increase, and a 41% daily price jump to $0.00000755, the liquidation heatmap indicates a looming crash. Traders who have taken long positions may face liquidation if PEPE's price falls below certain levels, potentially triggering a series of sell-offs and an 85% crash to $0.000001.
While it's common for meme coins like PEPE to experience such drops after periods of excitement, the coin's future hinges on the influx of money in the coming days. Cryptocurrency traders and meme coin speculators are advised to remain vigilant and aware of these potential risks. 🚨📉