PEPE the Frog-Themed Meme Coin Has Increased by 12% in the Last Seven Days

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.

The price of PEPE, a meme coin that features the popular frog meme, has seen a 12% increase over the last seven days. This surge prevented the token from reaching a new monthly low.

If the positive market sentiment persists and PEPE manages to overcome crucial resistance levels, there is potential for a substantial 50% price increase in the near term. Here's a closer look at the factors contributing to this possibility.

Pepe Coin Price Analysis: MFI Shows Strong Buying Pressure

A glance at the daily chart reveals that the Money Flow Index (MFI) for PEPE has risen past the neutral zone of 50.00, indicating that buying pressure is dominant in the market. The MFI is a technical indicator that combines both price and volume to gauge buying and selling pressure, ultimately determining whether an asset is overbought or oversold.

Usually, an asset is considered oversold when its MFI drops below 20.00, and overbought when it exceeds 80.00. The current rise in MFI suggests a growing bullish momentum.

At the time of writing, the MFI for the meme coin is positioned above the neutral point of 50.00, highlighting the strength of buying pressure.

Read More: How to Buy Pepe (PEPE) With a Credit Card: A Step-by-Step Guide

Moreover, the price of PEPE is currently trading above the Ichimoku Cloud. This cloud is a collection of technical indicators that serve to identify support and resistance levels, as well as momentum and trend direction.

When the price is below the cloud, it signifies a bearish trend. Conversely, if the price is above the cloud, it indicates a bullish trend, suggesting the potential for further price increase.

Pepe Price Prediction: Aiming for $0.000015

A closer examination of the daily chart reveals that PEPE attempted to rise above $0.000011 but encountered resistance, leading to a price pullback. However, the chart suggests that the uptrend may not be over yet.

This outlook is supported by the Fibonacci retracement indicator, which—similar to the Ichimoku cloud—aims to identify potential support and resistance levels. Currently, PEPE shows strong support at $0.0000089, suggesting the possibility of the meme coin breaking above $0.000011. If successful, the price may continue to rise towards $0.000015.

Read More: 5 Best Pepe (PEPE) Wallets for Beginners and Experienced Users

On the other hand, if bears reject the movement at $0.000011, the token might experience another price drop. In this scenario, the meme coin could decline to $0.0000067.