PEPE meme coin price prediction: support gained near key levels, the next target price is $0.000016.

The PEPE frog meme coin continues its upward trend, currently reporting at 0.000013 USD during the Asian afternoon session on the 28th. With the price gaining support near key levels, long positions may continue to rebound and challenge the next target price of 0.000016 USD.

PEPE has shown potential rebound signs after breaking through the key support level. The price trend of this frog-themed coin indicates that buying interest has rekindled within the narrow accumulation zone. At the same time, the improvement in popularity in the derivatives market enhances the credibility of the bullish outlook, with financing rates turning positive, and technical indicators also suggesting that the next round of pump will arrive in the coming days.

The optimistic sentiment of PEPE has improved

Coinglass's OI weighted financing rate data shows that the number of traders betting on the price of the frog-themed meme coin to further decline is lower than the number of traders expecting a price increase.

After the indicator turned positive on Friday, the reading on Monday was 0.0104%, indicating an improvement in trader sentiment as long positions paid off to short positions. Historically, as shown in the chart below, when the funding rate turns from negative to positive, the price of PEPE tends to surge significantly, as seen on July 7.

(Source: Coinglass)

PEPE Price Prediction: Re-testing Key Support Zone

The price of PEPE shows on the weekly chart that it has retested and gained support around the weekly support level of 0.000011 dollars last week.

If the level of $0.000011 remains strong every week, PEPE may continue to pump and retest the 50% Fibonacci retracement level (from the December high of $0.000028 to the March low of $0.000005) at $0.000016, which is nearly 30% higher than the current level.

The Relative Strength Index (RSI) indicator on the weekly chart shows 54, slightly above the neutral level of 50, indicating that traders are hesitant. To maintain bullish momentum, the RSI must break above the current level. The Moving Average Convergence Divergence (MACD) on the weekly chart shows a bullish crossover occurring in early May. This indicator also shows green bars rising above the neutral zero line, indicating that bullish momentum is strengthening and continues to trend upward.

(Source: Trading View)

On the daily chart, this PEPE based on the frog meme culture retraced from the daily level of $0.000014 last Tuesday and fell by 13% over the next two days. However, after testing the 50-day Exponential Moving Average (EMA) at $0.000011 last Friday, the coin experienced a rebound and slightly recovered over the weekend.

The 50-day exponential moving average roughly coincides with the previously breached downtrend line, making it a key support area. As of writing this article on Monday, its trading price is approximately $0.000012.

Investors accumulating PEPE off-exchange are expected to accumulate in the range of 0.000011 to 0.000012 US dollars.

If PEPE continues to rebound, it may sustain its pump until its intraday resistance level of 0.000014 USD. If it successfully closes above this level, it may further rise until the next intraday resistance level of 0.000016 USD, which is consistent with the weekly target mentioned above.

The RSI reading on the daily chart is 56, rebounding from the neutral level of 50 over the weekend and pointing upwards, indicating that bullish momentum is strengthening.

(Source: Trading View)