Traders are becoming 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 common technical sign for big price increases. According to World of Charts, the price of the meme coin could go up by 25 to 30%.
Converging trendlines following a significant price gain, commonly called the flagpole, constitute the bullish pennant, which often indicates a halt before the market continues its upward trajectory.
Pointing out a successful break from this pennant, World of Charts indicated a significant PEPE momentum. This breakout represents a turning point when the token breaks free from the consolidation period inside the convergent trendlines.
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 at the time of writing, suggesting a 4.60% increase; forecasts show a probable climb to $0.00001600, therefore reflecting a possible jump of up to 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 both its 50 EMA ($0.000011) and 100 EMA ($0.00001029). At $0.00001288, it immediately encounters opposition nevertheless.
A good breakthrough of this level may drive PEPE towards all-time highs. On the other hand, should PEPE lose its present momentum and below the 50 and 100 EMAs, prices would perhaps drop to the support level of $0.00000842.
Currently at 56.16, the Relative Strength Index (RSI) points to a neutral to somewhat positive attitude lingering over the middle.
Forecast Highlights Long-Term Possibilities
Over the next seven days, an upswing is expected, thereby reflecting a positive short-term momentum for PEPE. The asset is selling at 228% below its expected value right now, 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.
Reflecting considerable medium-term promise, PEPE’s price is expected to rise by 245% over the next three months in the mid to long term. With a predicted rise of 180% in six months, this growth trajectory keeps on, therefore 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 likely to show notable increases, so it appeals to both long-term and short-term investors.
Featured image from X/@Aatroxcarry, chart from TradingView
Christian Encila
They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
