The digital asset market extended its sell-off in the early Sunday session as fresh macro uncertainty had shaken global markets, sending crypto into a tailspin. In the past 24 hours, 175,725 traders were liquidated, with total losses hitting $701 million, with nearly 90% of it from longs; $618 million of liquidations were tied to long positions that bet on profiting from rising prices.
PEPE was not immune to the market decline, falling for the fourth day in a row since June 18. PEPE has dropped 18% in the last week, and it is down 8.22% in the last 24 hours, trading at $0.0000092.
With this latest slide, the token has added an extra zero back to its price, leaving traders wondering what will happen next.
Just last month, PEPE had removed a zero, sparking anticipation of a breakout when it reached a high of $0.0000167 on May 23. Now, those gains have been wiped out as sentiment turns cautious across the market.
What’s next?
If selling pressure persists, the next major support is envisaged at $0.00000758, where the PEPE price began a significant spike on May 6.
There is minimal immediate support for $0.0000085, and unless the market stabilizes, PEPE may struggle to regain traction in the short term.
The good news is that PEPE is approaching oversold levels, according to the RSI indicator on the daily chart, implying that a rebound or at least a relief rally may be on the way in the coming sessions.
A decisive break above the daily moving averages of 50 and 200 at $0.0000119 and $0.0000121 might be necessary for PEPE to regain momentum to a high of $0.0000167. In the coming sessions, PEPE is due to make a moving average crossover, and this will be watched as well.
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