PEPE Coin's Rapid Ascent: Could a 70% Surge Lead to a Short Squeeze?

PEPE coin has recently surged by nearly 70% in five days, largely due to the launch of its perpetual contracts on Coinbase and strong buyer momentum. The cryptocurrency has maintained its higher timeframe bullish structure and managed to flip key resistance levels to support. Particularly, PEPE bulls took control at the $0.00000581 level, preventing any 12-hour trading session from closing below this pivotal point, pushing prices toward a recent low of $0.00000796. The Relative Strength Index (RSI) stood at 70, indicating strong upward momentum, and the Chaikin Money Flow (CMF) highlighted significant capital inflows. Additionally, AMBCrypto's analysis of the PEPE liquidation heatmap suggests that crossing the $0.0000084 level could trigger a series of short liquidations, potentially escalating into a liquidation cascade that might propel prices above $0.00001, albeit briefly. Investors should thus be cautious of possible short-term volatility, but the overall market dynamics point towards further gains.