Traders have gotten drawn to the meme-inspired crypto PEPE, after a technical study by the famous crypto expert World Of Charts shows it has some surprises under its sleeves.
As shown on X, PEPE is forming a positive pennant, which is a standard technical sign for large price increases. In line with World of Charts, the worth of the meme coin could go up by 25 to 30%.
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Converging trendlines following a major price gain, commonly called the flagpole, constitute the bullish pennant, which frequently indicates a halt before the market continues its upward trajectory.
Stating a successful break from this pennant, World of Charts indicated a major PEPE momentum. This breakout represents a turning point when the token breaks free from the consolidation period contained in the convergent trendlines.
$Pepe
Breaking Bullish Pennant Successful Breakout Can Lead 25-30% Bullish Wave #Crypto #Pepe pic.twitter.com/o2Z9G6nWRV
— World Of Charts (@WorldOfCharts1) July 23, 2024
PEPE was trading at $0.00001263 on the time of writing, suggesting a 4.60% increase; forecasts show a probable climb to $0.00001600, subsequently reflecting a possible jump of as much as 27%.
Technical Indicators Display Positive Sentiment
For PEPE, the technical signals a cautiously hopeful picture. Now showing a positive trend, the token is trading above each its 50 EMA ($0.000011) and 100 EMA ($0.00001029). At $0.00001288, it immediately encounters opposition nevertheless.
A great breakthrough of this level may drive PEPE towards all-time highs. Alternatively, should PEPE lose its present momentum and below the 50 and 100 EMAs, prices would perhaps drop to the support level of $0.00000842.
PEPE market cap currently at $5.2 billion. Chart: TradingView
Currently at 56.16, the Relative Strength Index (RSI) points to a neutral to somewhat positive attitude lingering over the center.
Forecast Highlights Long-Term Possibilities
Over the following seven days, an upswing is predicted, thereby reflecting a positive short-term momentum for PEPE. The asset is selling at 228% below its expected value at once, implying notable undervaluation.
For traders hoping to profit on the anticipated price movement, this gap offers a solid buy possibility. Technical signs pointing to rising purchasing pressure and market bullish mood line up with the expected upswing.
PEPE seen climbing in the following seven days. Source: Coincheckup
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Reflecting considerable medium-term promise, PEPE’s price is predicted to rise by 245% over the following three months within the mid to long run. With a predicted rise of 180% in six months, this growth trajectory keeps on, subsequently supporting the asset’s great upward momentum.
Based on a one-year projection, which indicates 166% increase showing long-term value appreciation and continuous optimistic attitude. These forecasts imply that PEPE is prone to show notable increases, so it appeals to each long-term and short-term investors.
Featured image from X/@Aatroxcarry, chart from TradingView