PEPE, the frog-themed meme coin, has seen a 12% price increase in the past week, preventing it from hitting a new monthly low. If current positive market sentiment persists, and PEPE surpasses key resistance levels, the token could increase by 50% in the short term.
The Money Flow Index (MFI), a technical indicator assessing buying and selling pressure, shows PEPE surging past the 50 neutral zone, indicating strong buying momentum. The MFI falling below 20 suggests oversold conditions, while above 80 suggests overbought status. PEPE's current MFI position underscores growing bullish momentum.
Additionally, PEPE's price is above the Ichimoku Cloud, a technical indicator showing support, resistance, momentum, and trend direction. A price above the cloud indicates a bullish trend, suggesting further price increases.
Despite a recent attempt to rise above $0.000011, PEPE faced resistance, pulling its price down. However, strong support at $0.0000089 and tools like the Fibonacci retracement indicate potential to break above resistance, possibly reaching $0.000015 if successful.
If declining market conditions prevail, PEPE could face a drawdown, dropping to $0.0000067 if unable to break the $0.000011 resistance level.
