The price of Pepe Coin is once again at a critical technical crossroads after sharp liquidations and growing bearish momentum. The current situation requires attention from both investors and traders.
Break Below $0.00001180 Support
PEPE price was noted at an important short-term level around $0.00001060 before falling to $0.00001020, marking a drop of over 4% in 24 hours. Previously, the token registered a sharp decline of 8.43%. Technical analysis indicated that the $0.00001180 level was crucial as it served as support during the mid-July rally. Should the bulls fail to reclaim this level, the next bearish trigger may be positioned at $0.00000970.
Large Holder Liquidations
Meanwhile, wallet address 0x432d, highlighted by Lookonchain, experienced a severe liquidation event, losing almost all of its PEPE coins. The position, valued at $181,509 with a 12.22x leverage, now holds just $14,850. Successive forced liquidations occurred as prices dipped below key support areas, illustrating a loss of confidence among highly leveraged traders.
Mixed Sentiment and Recovery Potential
Despite the bearish trend, some analysts still see a chance for recovery. A symmetrical triangle is forming on the daily chart, and if the price can hold within the range of $0.00001108-$0.00001115, a breakout towards $0.0000130-$0.0000145 might be possible. However, this bullish structure is threatened by the current price of $0.00001020.
Currently, PEPE is not positioned strongly from a technical perspective. If prices continue to decline, it may pose additional difficulties for bulls; however, movements within the symmetrical triangle provide hope for recovery.
