Will PEPE Climb 30% This Week? This Analyst Thinks So
24 Juli 2024 - 10:30PM
NEWSBTC
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%. Related Reading: Cosmos (ATOM)
Set For 50% Rally After Recent Plunge, Analyst Eyes $12 Target
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. $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 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. Related Reading: Is The US
Emulating Germany? $4 Million Bitcoin Movement Raises Questions
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
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