James Wynn, a well-known memecoin investor, has made headlines once again by taking a 10x leveraged long position on PEPE. This move comes as PEPE shows signs of potential growth, with projections estimating a possible 20% to 40% surge in the near term.
After rallying nearly 90% this month alone, PEPE has captured the attention of investors following its breakout on May 8. This price movement indicates a robust performance, as it successfully broke out of a consolidation range. Analyzing the recent price action, PEPE formed a higher low after the initial peak, and the latest movement suggests that it is gearing up for another upward leg.
Technically, PEPE’s price is comfortably positioned above the 20 EMA and 50 SMA, both of which have maintained a bullish crossover since mid-April. This indicates sustained upward momentum, with the 20 EMA acting as dynamic support during recent pullbacks.
With the current price hovering around $0.000014, traders are eyeing the next significant target at $0.000017, which represents a 20% increase. This level is noteworthy, as it has previously acted as a resistance point. If PEPE manages to surpass this price, the following significant hurdle lies between $0.000020 and $0.000021, marking a potential 40% increase from current levels, which makes this a pivotal moment for the memecoin.
James Wynn’s recent decision to long PEPE underscores his confidence in the coin’s ongoing bullish trajectory. Known for his successful bets in the memecoin space, Wynn’s past performances include remarkable gains of $4.8 million on Fartcoin and $6.8 million on Trump. It’s clear that his strategic positioning in the market is one to watch as PEPE embarks on this new phase of potential growth.
