A crypto strategist is issuing a cautionary warning about meme tokens Pepe (PEPE) and dogwifhat (WIF), suggesting that they are poised for significant corrective movements.
Credible Crypto, a well-known trader with a substantial following on X, believes that the current rally in PEPE is unsustainable and anticipates a drop below $0.00000570. He points to a high time frame distribution pattern that typically precedes a downturn, indicating that PEPE may struggle to maintain its current levels. Credible Crypto is taking a bearish stance on PEPE and has initiated a short position in anticipation of a price decline.
As of the time of writing, PEPE is trading at $0.000011, showing a 13% increase in the past day but still hovering near Credible Crypto’s identified range high zone.
Turning to WIF, another memecoin, Credible Crypto notes a bearish setup at its range highs. After patiently waiting for the right opportunity, the trader has entered a short position on WIF and is targeting a drop below $1. Credible Crypto emphasizes the importance of monitoring Bitcoin’s price action, as it could impact the movement of altcoins like WIF.
At the current moment, WIF is valued at $2.84, and Credible Crypto’s analysis suggests a potential downward trajectory for the token.
Regarding Bitcoin (BTC), Credible Crypto warns that the cryptocurrency is approaching a critical resistance level at $69,000. The trader advises caution and suggests that Bitcoin may consolidate or experience a pullback before making a decisive move. Credible Crypto urges traders to be patient and wait for a clear breakout before celebrating any potential gains.
As of now, Bitcoin is trading at $65,907, showing a 5% increase in the day’s trading.
In conclusion, Credible Crypto’s insights provide valuable guidance for traders navigating the volatile cryptocurrency market. By closely monitoring key levels and patterns, investors can make informed decisions and mitigate risks associated with meme tokens like PEPE and WIF. Stay tuned for further updates on price movements and market trends.