Traders are getting hyped about the meme-inspired cryptocurrency PEPE, after a technical study by renowned crypto expert World Of Charts showed that it has some surprises up its sleeve.
As shown in X, PEPE is forming a bullish pennant, a common technical sign of a big price increase. According to World of Charts, the meme coin price could rise by 25-30%.
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Converging trend lines after large price gains, commonly called a flag pole, form a bullish pennant, which often signals a pause before the market continues its upward trajectory.
Indicating a successful breakout of this flag, World of Charts noted a significant momentum in PEPE. This breakout marks a turning point when the symbol breaks out of a period of consolidation within converging trend lines.
Breaking the bullish flag may lead to a 25-30% bullish wave. #cryptocurrencies #baby pic.twitter.com/o2Z9G6nWRV
— World of Charts (@WorldOfCharts1) July 23, 2024
baby Bitcoin was trading at $0.00001263 at the time of writing, indicating a 4.60% increase; forecasts show a potential rise to $0.00001600, thus reflecting a potential jump of up to 27%.
Technical indicators show positive sentiment.
For PEPE, technical indicators are pointing to a cautiously optimistic picture. Now, showing a positive trend, the token is trading above both its 50 EMA ($0.000011) and its 100 EMA ($0.00001029). However, at $0.00001288, it is facing immediate opposition.
A good breakout of this level could push PEPE towards its all-time highs. On the other hand, if PEPE loses its current momentum and drops below the 50 and 100 EMAs, the price could drop to the $0.00000842 support level.
The Relative Strength Index (RSI) is currently at 56.16 indicating a neutral to somewhat positive stance in the middle.
Forecasts highlight long-term prospects
PEPE stock is expected to rise over the next seven days, reflecting short-term positive momentum. The asset is currently selling for 228% below its expected value, implying a significant decline in value.
For traders hoping to capitalize on the expected price action, this gap offers a strong buying potential. Technical signals indicating increased buying pressure and bullish sentiment in the market are consistent with the expected upside.
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PEPE price reflects great promise in the medium term and is expected to rise by 245% over the next three months in the medium to long term. Expected to rise by 180% Over the course of six months, this growth trajectory continued, supporting the asset’s significant upward momentum.
Based on a 1-year forecast, which indicates a 166% increase, indicating a long-term appreciation and continued bullish sentiment. These forecasts indicate that PEPE is likely to show significant increases, thus attracting both long-term and short-term investors.
Featured image by X/@Atroxcarichart from TradingView