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
