Meme coin PEPE has been on an impressive rally for some time now. Stemming from a broader influx of funds into the meme coin sector and the overall cryptocurrency market that has been in motion for the past two weeks, PEPE is currently up by 38% in the last seven days, outperforming its meme coin counterparts with larger market caps.

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Interestingly, this impressive price action has seen PEPE breaking out of a downtrend pattern that has lasted for the past six months. This significant development was highlighted on the social media platform X by well-known crypto analyst Captain Faibik.

According to the analyst, PEPE’s price action has resulted in an upward breakout from a symmetrical triangle pattern, a technical formation that has been dictating its consolidation period for half a year. 

Breakout From 6-Month Consolidation Pattern

Using a PEPE / Tether US chart shared on social media platform X, Captain Faibik highlighted PEPE’s price action since the beginning of the year. The chart showed that since it reached its all-time high of $0.00001717 on May 27, 2024, PEPE has yet to return to this price point. Periods of rallies have been characterized by the formation of lower highs and higher lows, leading to the formation of a symmetrical triangle pattern.

PEPE’s recent 38% rally has seen the meme coin break out substantially from the upper resistance trendline of the symmetrical triangle. From this point, the only place left to go is up.

Analyst Predicts 351% Surge To New ATH

With the breakout confirmed, Captain Faibik has set a bullish price target for PEPE. In terms of a price target, Captain Faibik noted that PEPE is now clear for a rally to a new all-time high. Specifically, he predicted a rally to a price target of $0.00003214. 

Getting to this price point would necessitate PEPE stepping into new price territories. Furthermore, the price target means PEPE would need to surge by an impressive 351.69% from its breakout point. Given the meme coin’s recent history, such a price surge is very possible, especially as the crypto industry is now transitioning into a predicted bullish fourth quarter.

As always with meme coins, extreme volatility and rapid price changes are expected. This is because investments in meme coins largely depend on the general sentiment among cryptocurrencies like Bitcoin, Ethereum, and sometimes Dogecoin (the king of meme coins). 

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At the time of writing, PEPE is trading at $0.00001125, still on a 38% gain throughout last week. Other meme coins are on comparable gains in this time frame. Shiba Inu (SHIB) is up by 32%, Dogwifhat (WIF) rose by 33%, Bonk (BONK) climbed by 30%, and Floki (FLOKI) added 23%.

Dogecoin (DOGE), on the other hand, is up by a smaller 17% in the past seven days. These gains could continue into the coming week as the market remains bullish.

Featured image from Rolling Stone, chart from TradingView

Uniswap’s UNI has grown in favor of investors as the token continues its upward trajectory in the face of crucial on-chain developments. According to CoinGecko, the token surged 30% since last month, keeping the token on the green zone. With the market’s renewed bullishness, UNI might be on the road for some gains in the short term. 

Uniswap recently announced a development that may enhance user experience in using the platform altogether. Investors are excited as the platform continues to find innovative ways to improve user engagement. 

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Gas Abstraction: A Leap For Uniswap UX? 

Across Protocol’s Chief Technology Officer, Matt Rice, and Uniswap’s Staff Software Engineer, Mark Toda recently discussed about the ERC-7702 which, if passed, would introduce a new transaction type known as externally owned accounts (EOAs). In general, ERC-7702 will implement gas abstraction, a feature that would both improve user experience and save users a ton of money in the process. 

ERC-7702 Uniswap’s next big leap 🦄@MarkToda from @uniswap talks with @mrice32 about how gas abstraction could simplify DeFi for millions. Is this the user experience revolution we’ve been waiting for? pic.twitter.com/UVR3Mid5HQ

— Across (@AcrossProtocol) September 24, 2024

According to Mark Toda, the biggest obstacle for gas abstraction to be successfully implemented is authorizing a users address without gas on-chain. 

“…Think about it right now, if you are trying to send some tokens on some random chain and you’re trying to swap out of there or do anything there, right now you need to have a native token to pay the gas…or authorize the contract of some sort to take your tokens,” Toda said when asked about a scenario where a user swaps tokens with no available chains on the platform. 

To put it simply, ERC-7702’s most notable feature regarding gas sponsorship which helps users pay gas fees distinct from their chain of origin. This feature, once ERC-7702 is implemented, will greatly improve cross-interoperability, enhancing user experience. 

As of writing, ERC-7702 is still in its draft stage which means the new on-chain goodies featured between Toda and Rice are still subject to revision. Nonetheless, it presents a good future for the Uniswap community. 

UNI: Investors Should Watch These Levels

As of writing, UNI has continued to make ground against the bears in the medium term which places the token at the gates of the $7.518 resistance level. This crucial resistance level might continue to resist in the coming days as the market hits its peak after days of continued bullish movement. 

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With this in mind, investors should monitor the token’s movement in the coming hours and days as this may determine the trajectory of the token. If UNI breaks through this crucial resistance level, it opens the door toward $9.012 in the medium term. 

However, if $7.518 remains unbeaten or the bulls breakthrough for a short while before pulling back, it might trigger a downward movement by the bears targeting $5.899 in the medium term. 

Featured image from Pexels, chart from TradingView

A widely followed trader is leaning bullish on a mid-cap Real World Asset (RWA) token while offering his insight on three other altcoins.

The trader pseudonymously known as Sherpa tells his 223,600 followers on the social media platform X that the native token of the RWA blockchain MANTRA (OM) could go up by around 16% from the current level to hit a new all-time high.

“Still one of the better RWA options out there and has high float/less supply overhang and lots of financial backing behind it.”

OM is trading at $1.22 time of writing.

Next up is Solana (SOL). The pseudonymous analyst says that despite Solana proving to be a “slow mover” over the recent past after being outperformed by competitors such as Sui (SUI), he is still leaning bullish on it.

“I still think SOL is a good bet though.”

Solana is trading at $153 at time of writing.

Next up is the native token of the layer-one blockchain Fantom (FTM). According to Sherpa, Fantom has a bullish market structure and “still looks really good on higher time frames.” The pseudonymous analyst further says that the upcoming rebrand and upgrading of Fantom to Sonic (S) scheduled for November/December this year bolsters his bullish thesis for the altcoin.

“…this goes higher within the next few weeks.”

Next up is the dog-themed memecoin dogwifhat (WIF). Sherpa says that WIF “looks pretty strong overall” and would present a potential long opportunity on pullbacks.

WIF is trading at $2.22 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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