PEPE Price Drops 8% Amid Market Downtrend and Major Liquidations
Pepe price dropped 8% to $0.00007 on October 17, reflecting a broader market downturn. Major whale investors are betting on a rebound after significant liquidations.
The decrease in Pepe's value is linked to the crypto market's reaction to the ongoing US government shutdown. Bitcoin's fall below $109,000 led to over $1.2 billion in crypto futures liquidations within 24 hours.
Whale trader James Wynn faced complete liquidation, yet reentered the market with a new 10x leveraged long position on Pepe, only to face partial liquidation again. His remaining position amounts to 39.2 million $kPEPE ($271,000).
Technical analysis indicates further downside risk for Pepe. A bearish pennant breakdown has caused a three-week losing streak, with prices dropping below key support levels. The Relative Strength Index (RSI) at 38.84 suggests growing bearish momentum.
If sellers dominate, Pepe may retest the $0.0000060 level, risking further decline. A rebound above $0.00000718 could hint at reduced bearish pressure, but a decisive close above $0.0000105 is needed to shift the trend bullishly.
