Source: CoinGlass
The notable deleveraging of PEPE has coincided with the ongoing crypto liquidity crunch. Moreover, Bitcoin has been bleeding to Gold in the past few months, although the latter has signaled topping out.
What’s Next?
From a technical analysis standpoint, PEPE price is likely to rebound from its current support range and rally towards its new all-time high. With its correlation with Bitcoin and Ethereum still high, their potential rebound fueled by the Fed’s policy change will be a line of hope for the frog-themed meme.
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