PEPE looks bullish on the higher timeframes, but the tables turn when you look at the memecoin from another angle.tried to breach a local resistance last week but was pushed backward. It has lost 20% since the 15th of May, but the trend remained bullish on the higher timeframes.Which scenario is more likely, and how should traders respond?PEPE reached the local high at $0.0000108, but was unable to close a daily session above this level.
Hence, despite the recent dip, PEPE is likely to advance toward the 23.6% Fibonacci extension level at $0.0000131.Since the 15th of May, when PEPE reached the local highs and faced rejection, the Open Interest has trended downward. The price has also slipped lower.The liquidations of the past 48 hours have been from bullish traders. This forced selling added to the bearish pressure.