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Frog-themed cryptocurrency Pepe has seen a huge dip in price, falling about 79% from its all-time high of $0.00002825 set in early December 2024. This downturn has been compounded by the emergence of a "death cross" pattern, a technical indicator that signals bearish momentum.
A death cross happens when a short-term moving average, usually the 50-day, falls below a longer-term moving average, such as the 200-day. For PEPE, this pattern emerged in February 2025, coinciding with a price drop to levels not seen in months.
As of this writing, PEPE was down 8.65% in the last 24 hours to $0.00000596, reflecting a continued bearish trend. PEPE is down 11% in the past week.
Godfrey BenjaminPEPE earlier touched an intraday low of $0.00000525, its lowest level since April 2024, as cryptocurrency prices fell on Tuesday on expectations of a sell-off in U.S. equities.
According to CoinGlass data, the cryptocurrency market has seen $912 million in liquidations over the last 24 hours. Bullish bets accounted for $716 million of this total, while shorts liquidation amounted to $195 million. PEPE reported over $2.2 million in liquidations in the last 24 hours.
Reversal imminent?
PEPE has broadly declined since reaching highs of $0.00002832 on Dec. 9, 2024. The decline caused PEPE to lose key price levels, including its daily moving averages 50 and 200 at $0.0000101 and $0.000013, respectively.
Tomiwabold OlajideFollowing the price drop, the Relative Strength Index (RSI) on the daily chart has reached oversold levels below 30, which could precede a price rebound.
Also, if PEPE remains above the present support level of $0.00005, a bounce from here might spark a significant rally. Likewise, broader market sentiment might impact PEPE prices in the days ahead.
In the past week, the creation of a U.S. Bitcoin reserve and an additional stockpile of other tokens and a high-profile crypto summit with industry executives in Washington on March 7 did little to lift market sentiment.
In the absence of a crypto-specific catalyst, macro concerns might likely weigh on cryptocurrency prices in the near term.
Dan Burgin
Vladislav Sopov