Baby price has dropped by nearly 8% in the past 24 hours, days after hitting an all-time high on December 9. Momentum indicators, including the RSI at 33.3, show that Baby is approaching the oversold zone but has yet to reach the critical 30 threshold, leaving room for further correction.
Additionally, the 7-day MVRV of -9.3% suggests significant losses for short-term holders, with historical data suggesting a potential drop of -12% to -15% before a rebound. Whether Baby holds its key support at $0.0000188 or drops further will likely determine its next major price move.
PEPE RSI is not in oversold territory yet
The RSI is currently at 33.3, reflecting a sharp decline since December 16. This indicates that the meme coin is approaching the oversold zone, as the RSI is approaching the critical threshold of 30.
The significant decline in the RSI, with a continuous correction of 8% in the past 24 hours, indicates increased selling pressure and bearish sentiment in the short term.
The Relative Strength Index (RSI) measures the speed and magnitude of price movements to assess whether an asset is overbought or oversold. RSI values above 70 indicate overbought conditions, often signaling a potential pullback, while values below 30 indicate oversold conditions, which may precede a bounce.
With the RSI at 33.3 and approaching oversold levels, the price may continue to face downward pressure, but a potential bounce could occur if buyers step in at these lows.
MVRV ratio shows that correction may continue
Baby’s 7-day MVRV is currently at -9.3%, a sharp drop from 17% on December 8 when its price hit a new all-time high. This negative MVRV suggests that short-term holders are now on average at an unrealized loss. The recent decline reflects increased selling pressure, suggesting that the current correction may continue in the short term.
The 7D MVRV ratio measures the average gain or loss of tokens moved in the past seven days relative to their current market value. Historical data shows that Bitcoin’s 7D MVRV ratio often reaches levels around -12% to -15% before a price recovery occurs.
If this trend continues, the current ratio of -9.3% suggests that further decline may be possible before Bitcoin finds a bottom and starts to rebound.
PEPE Price Prediction: Possible 47% Correction Soon?
The support at $0.0000188 is a critical level for Bitcoin price, as a breakdown below it could lead to further declines. If this support fails, Bitcoin could test $0.000017, with a potential drop to $0.000011, which would represent a 47% retracement from current levels.
This negative outlook is reinforced by its EMA lines, which have formed a death cross where the short-term EMAs cross below the long-term EMAs, indicating a continuation of the bearish momentum.
On the other hand, if Bitcoin price manages to regain positive momentum, it may challenge the resistance at $0.0000227.
A break above this level could open the door for further gains, with targets at $0.0000259 and possibly $0.000028 if the uptrend strengthens.
