James Wynn, a well-known figure in the cryptocurrency space and self-proclaimed “memecoin maxi,” has made headlines again by taking a bold 10x leveraged long position on PEPE. This move comes as the price of PEPE shows signs of entering another bullish phase, potentially targeting gains between 20% and 40%.

PEPE’s Recent Rally and Technical Indicators

PEPE has been a standout performer in the cryptocurrency market this month, rallying nearly 90% after breaking out of a prolonged consolidation range on May 8. Following the breakout, the price established a bullish trend, forming a higher low and subsequently reaching a new higher high at $0.000014. This indicates a continuation of upward momentum.

From a technical perspective, PEPE remains above key moving averages—the 20-day Exponential Moving Average (EMA) and the 50-day Simple Moving Average (SMA). These indicators have maintained a bullish crossover since mid-April, reinforcing the positive sentiment. Notably, the 20 EMA has acted as strong support, absorbing a recent pullback to $0.000012 and aiding the rebound.

Price Targets and Resistance Levels

Looking ahead, PEPE appears to be aiming for the $0.000017 level as its next milestone. This target aligns with a key resistance point where the price faced rejection in May last year. Additionally, this level served as significant support during December and January, making it a critical area to watch.

If PEPE successfully breaks past $0.000017, the next major resistance zone lies between $0.000020 and $0.000021. This range corresponds to a lower high established during the asset’s descent from its December all-time high (ATH). A move to $0.000020 would represent a substantial 40% gain from the current price of $0.000014.

James Wynn’s Track Record in Memecoins

James Wynn’s decision to long PEPE is noteworthy given his history of profitable trades in the memecoin market. Wynn reportedly earned $4.8 million and $6.8 million on previous investments in Fartcoin and Trump, respectively. His success has cemented his reputation as a savvy trader in the volatile world of memecoins.

In addition to PEPE, Wynn is also backing Moonpig, his own memecoin project. Moonpig has experienced explosive growth, surging nearly 3000% in less than three weeks, further showcasing Wynn’s ability to identify high-potential opportunities in this niche segment of the cryptocurrency market.

Key Takeaways for Investors

For investors interested in memecoins like PEPE, there are several considerations to keep in mind:

  • Technical Analysis: Use moving averages and resistance levels to identify potential entry and exit points.
  • Leverage Risks: Leveraged positions, like Wynn’s 10x long, carry significant risk and are not recommended for beginners.
  • Market Volatility: Memecoins are highly speculative and can experience rapid price fluctuations. Only invest what you can afford to lose.
  • Track Influencers: Traders like Wynn often signal market sentiment, but always conduct independent research.

As PEPE continues to garner attention and momentum, traders and investors should stay informed about market trends and technical indicators to make well-informed decisions.

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