Pepe Struggling to Break Above Resistance, Will Bears Let a Price Rise Above $0.000008?
The post Pepe Struggling to Break Above Resistance, Will Bears Let a Price Rise Above $0.000008? appeared first on Coinpedia Fintech News
As the Bitcoin price rebounded from the lows close to $60,000, the markets appear to have gained significant momentum. The Pepe price has led the memecoins by marking 3 consecutive bullish signals after a tough fight between the bulls and the bears. Now that the price has triggered a bullish upswing, it is interesting to watch whether all the other memecoins will regain strength, as it happened previously in March.
The current trade set-up suggests, that the PEPE price is trying hard to break above the resistance after bouncing from the lower border of the bullish pattern. Presently, the price is testing the upper resistance of the channel and a breakout beyond the range may invite fresh buying opportunities for the token. On the other hand, the bears are trying hard to restrict the rally within the pattern, which raises the chances of forming another lower high.
Will the bulls be trapped at $0.00000682 or a breakout above $0.000007 is on the horizon?
Ever since the price triggered a breakout above the $0.000001 range and marked the highs above $0.00001, the traders have been vigilant and appear to be closely observing the market trend. The fluctuating volume and the rally sustained within a descending channel substantiate the claim. The market participants appear to have become bearish on Pepe as the Ichimoku cloud turns red and the OBV maintains a fresh bullish reversal, suggesting the availability of liquidity on the platform.
This suggests the buy-sell-trade may be executed with ease, which may keep up the volatility of the token to a large extent. The price is facing some bearish pressure at the moment, due to which a minor pullback appears to be on the horizon. Hence, a plunge below $0.000006 could be on its way if the bulls fail to break above the upper resistance. Until and unless the PEPE price sustains above the crucial range at $0.0000065, the possibility of a bullish reversal remains pretty high.
Therefore, the next few days could be pretty important for the Pepe (PEPE) price, as a rejection from the upper resistance may pave the way for a fresh plunge, otherwise, a rise beyond $0.00000930 is imminent.