The price of Baby has decreased by 3% on Tuesday, after rising by 7% on Monday, and continues to hold above the level of $0.00000500.
The sudden increase in open interest for Baby futures contracts indicates growing investor confidence.
On-chain series data shows bullish potential with increased network growth, profit supply, and large transactions.
The Baby coin ($PEPE ) is trading in the red zone on Tuesday after failing to secure a daily close above the psychological level of 0.00000500 on Monday. The technical outlook remains mixed as the meme coin consolidates. However, derivatives and on-chain data suggest a recovery in retail interest that may boost the next rally in this frog-themed meme coin.
Derivatives and on-chain data show bullish signals for the PEPE coin.
The $PEPE coin is regaining retail demand as derivatives traders increase their risk exposure overnight. CoinGlass data shows a 7.87% increase in open interest for Baby futures contracts (OI) over the last 24 hours, rising to $257.18 million. Overall, the recovery in Baby and other meme coins is primarily driven by retail demand and speculation.
PEPE derivatives data. Source: CoinGlass.
On the chain side, Santiment data shows an increase in network growth to 623 on Monday, up from 448 on Sunday, indicating an increase in the number of new addresses transferring Baby coin for the first time. At the same time, the percentage of Baby coin supply in profit was 23.20% on Monday, up from 20.14% the previous day.
Large portfolio investors, commonly known as whales, executed 36 transactions worth over a million dollars on Sunday, indicating increased interest that led to a 7% gain on Monday. With whales renewing their interest in the Baby coin, the meme coin may recover the lost levels.
Baby data on-chain. Source: Santiment.
Technical outlook: Can the PEPE coin rise towards the 200-day exponential moving average?
The $PEPE coin is trading below the level of 0.000005000, down 3% at the time of writing this report on Tuesday, with the possibility of targeting the support level of 0.00000395, which aligns with the lowest level on November 21.
However, momentum indicators on the daily chart maintain a neutral to bullish stance overall. The Relative Strength Index (RSI) at 45 is rising toward the midpoint of the oversold area, indicating a decrease in selling pressure.
Additionally, the Moving Average Convergence Divergence (MACD) indicator remains steady near the zero line, with mostly green bars, indicating bullish momentum. Baby data on-chain. Source: Santiment.
Technical outlook: Can the PEPE coin rise towards the 200-day exponential moving average?
The Baby coin is trading below the level of 0.000005000, down 3% at the time of writing this report on Tuesday, with the possibility of targeting the support level of 0.00000395, which aligns with the lowest level on November 21.
However, momentum indicators on the daily chart maintain a neutral to bullish stance overall. The Relative Strength Index (RSI) at 45 is rising toward the midpoint of the oversold area, indicating a decrease in selling pressure.
Additionally, the Moving Average Convergence Divergence (MACD) indicator remains steady near the zero line, with mostly green bars, indicating bullish momentum.
Daily chart of PEPE/USDT prices.
If the Baby coin can secure a daily close above the level of 0.00000521 set from the lowest point on November 4, it may target the supply near 0.00000650, followed by the 200-day exponential moving average at 0.00000839.
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