James Wynn, a “memecoin maxi” known for his bold memecoin bets, has just taken a 10x leveraged long position on PEPE just as PEPE price appears to be printing the next leg up—potentially eyeing a 20% to 40% gain.

James Wynn is once again betting big on Pepe (PEPE), having recently opened a 10x leveraged position on the memecoin. This suggests Wynn believes there’s still significant upside potential for PEPE, despite it having already rallied almost 90% this month as it broke out of a long-standing consolidation range on May 8.

Since that breakout, PEPE has continued to show strength. After the initial peak, price pulled back and formed a higher low, followed by a new higher high at $0.000014, indicating continuation of a bullish structure. It now appears to be printing another leg up.

Technically, PEPE is holding above both the 20 EMA and 50 SMA, which have maintained a bullish crossover since mid-April. The 20 EMA has acted as dynamic support, absorbing the recent pullback to $0.000012 and helping PEPE price rebound.

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Looking ahead, PEPE price appears to be targeting the $0.000017 level for its next leg up, which would constitute a 20% jump. This target corresponds to the level where the price faced rejection in May last year. That level also served as major support throughout December last year and January.

Should PEPE overcome this resistance, the next major hurdle lies around $0.000020 – $0.000021, which aligns with a lower high established as the price was descending from its December ATH. Achieving $0.000020 would represent a gain of about 40% from the current $0.000014 levels.

James Wynn’s recent move to long PEPE is a significant development given his track record of profitable memecoin trades. Previously, Wynn reportedly earned $4.8 million and $6.8 million on Fartcoin (FARTCOIN) and Trump (TRUMP), respectively. He’s also currently betting on Moonpig (MOONPIG), his own memecoin that has recently rallied almost 3000% in less than three weeks.

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