Pepe (PEPE) was trading around $0.00001 on Tuesday, following a 23% drop last week. The recent correction has caused over $20 million in liquidations within two days. On-chain metrics also show weakness, with negative funding rates and a sharp decline in the Network Realized Profit/Loss (NPL) indicator, suggesting further downside. Massive Liquidations PEPE fell 11% on Sunday, hitting a low of $0.000007 on Monday before a brief recovery. This triggered the aforementioned $20 million in liquidations, raising concerns about increased selling pressure. On-chain data shows more traders betting on further declines. Meanwhile, the OI-Weighted Funding Rate is negative at -0.0059%, indicating bearish sentiment. Additionally, the NPL indicator dropped sharply, showing that holders are realizing losses, which could lead to additional selling. Price Outlook After facing resistance on January 18th, PEPE fell 47% and is now below its 200-day EMA. If it closes below $0.000010, a further 40% drop is possible, potentially revisiting its August low. The RSI remains at 32, signaling more room for decline before reaching oversold conditions. Still, the meme coin has managed to gain some semblance of price improvement over the past 24 hours, increasing by nearly 10%, although it is down by over 24% on a weekly basis.
