PEPE, the frog-themed meme coin, has surged 12% in the last seven days. This price surge ensured that the token will not fall to a new monthly low.
If market sentiment continues and Baby manages to break through key resistance levels, the meme coin could see a massive 50% surge in the near term. Here’s why.
PEPE Coin Sees Increasing Fund Inflow
According to the daily chart, the Money Flow Index (MFI) of the meme coin has crossed the 50.00 neutral zone, indicating that buying pressure is prevailing. MFI is a technical indicator that combines price and volume to measure buying and selling pressure and determine whether an asset is overbought or oversold.
Typically, when the MFI drops below 20.00, the asset is considered oversold, and when it rises above 80.00, it is considered overbought. The current jump in the MFI indicates increasing bullish momentum.
As of this writing, the meme coin’s MFI has crossed the 50.00 neutral mark, indicating that buying pressure is prevailing.
In addition, the PEPE price is above the Ichimoku Cloud. The Ichimoku Cloud is a set of technical indicators that show support and resistance levels, as well as momentum and trend direction.
When the price is below the cloud, the trend is bearish. On the other hand, if the price is above the cloud, the trend is bullish, indicating that the price may increase.
Baby Price Prediction: All Eyes on $0.000015
A closer look at the daily chart shows that PEPE tried to rise above $0.000011 but was rejected, leading to a decline in price. However, the chart suggests that the uptrend may not be over yet.
This view is supported by the Fibonacci retracement indicator, which, like the Ichimoku cloud, identifies potential support and resistance levels. Currently, PEPE is showing strong support at $0.0000089, suggesting that the meme coin could break above $0.000011. If successful, the price could rally to $0.000015.
On the other hand, the token may face another decline if the bears reject the move at $0.000011. If that happens, the meme coin may drop to $0.0000067.