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 lows near $60,000, the markets appear to have gained significant momentum. The Pepe price has led the memecoins by marking three consecutive bullish signals after a fierce battle between the bulls and the bears. Now that the price has triggered a bullish upswing, it is intriguing to observe whether all the other memecoins will regain strength, as witnessed previously in March. 
The current trade setup suggests that the PEPE price is attempting to break above the resistance after bouncing from the lower boundary of the bullish pattern. Presently, the price is testing the upper resistance of the channel, and a breakout beyond the range may present fresh buying opportunities for the token. On the other hand, the bears are determined to restrict the rally within the pattern, increasing the likelihood of forming another lower high. 
Will the bulls be trapped at $0.00000682, or is a breakout above $0.000007 on the horizon?

Since the price triggered a breakout above the $0.000001 range and marked highs above $0.00001, traders have been vigilant and appear to be closely monitoring the market trend. The fluctuating volume and the rally sustained within a descending channel support this claim. Market participants seem to have turned bearish on Pepe as the Ichimoku cloud turns red and the OBV maintains a fresh bullish reversal, indicating the availability of liquidity on the platform. 
This suggests that buy-sell-trade executions may be facilitated with ease, which could sustain the token's volatility to a significant extent. The price is currently facing some bearish pressure, indicating a minor pullback on the horizon. Hence, a plunge below $0.000006 could be imminent if the bulls fail to break above the upper resistance. Unless the PEPE price sustains above the crucial range at $0.0000065, the possibility of a bullish reversal remains high. 
Therefore, the next few days could be crucial for the Pepe (PEPE) price, as a rejection from the upper resistance may pave the way for a fresh plunge, or a rise beyond $0.00000930 is imminent.