PEPE, the frog-themed meme coin, has increased by 12% in the last seven days. This price jump ensured that the token did not fall to a new monthly low.
If market sentiment holds and PEPE can break through key resistance levels, the meme coin could see a substantial 50% rise in the near term. Here is why.
Pepe Sees Rising Money Flow
According to the daily chart, the Money Flow Index (MFI) for the meme coin has surged past the 50.00 neutral area, indicating that buying pressure is dominant. The 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 falls below 20.00, the asset is considered oversold, and when it rises above 80.00, it is overbought. The current jump in the MFI suggests growing bullish momentum.
As of this writing, the meme coin’s MFI has surpassed the 50.00 neutral points, indicating that buying pressure is dominant.
Read more: How to Buy Pepe (PEPE) With a Credit Card: A Step-by-Step Guide
Apart from that, PEPE’s price is above the Ichimoku Cloud. The Ichimoku Cloud is a collection 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, suggesting that the price could increase.
PEPE Price Prediction: Eyes on $0.000015
A closer look at the daily chart shows that PEPE attempted to rise above $0.000011 but faced rejection, pulling the price down. However, the chart indicates that the uptrend may not be over.
This outlook is supported by the Fibonacci retracement indicator, which, like the Ichimoku cloud, identifies potential support and resistance levels. Currently, PEPE shows strong support at $0.0000089, suggesting the meme coin could break above $0.000011. If successful, the price might climb to $0.000015.
Read more: 5 Best Pepe (PEPE) Wallets for Beginners and Experienced Users
On the flip side, the token could face another drawdown if bears reject the movement at $0.000011. Should that happen, the meme coin might decline to $0.0000067.
Disclaimer
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Source: https://beincrypto.com/pepe-price-prediction-rally/