Cryptocurrency strategists are warning that meme tokens PEPE and Dogwifat (WIF) are currently well-positioned to witness a serious corrective move.
Pseudonymous trader Credible Crypto told his 425,900 followers on social media platform X that he is bearish on PEPE.
According to the analyst, PEPE's current rally will lose momentum, setting the stage for a crash below $0.00000570.
“HTF (high time frame) delivery takes time.
After bouncing off the range low, it is now back at the range high and is struggling to clear it again, possibly leading to another deviation and failure.
The next drop in BTC should also result in a significant drop in PEPE.
I'm short. ”
As of this writing, PEPE is trading at $0.000011, up over 13% in the past day but still close to Credible Crypto's range-high zone.
Turning to fellow meme coin WIF, traders said the altcoin is flashing bearish settings at the top of its range.
“I waited patiently for over a week for this setting to appear.
I added a position and became a short WIF with full position size.
Although I've missed my USD short target for now, the BTC pairing is hitting my upside target at the moment, and combined with the current low timeframe bias against BTC, it's enough to trigger this setup. is.
We are likely to profit in the green zone below, where the odds of a rebound are high, but ultimately we will aim for the bottom of the range with WIF below $1. ”
As of this writing, WIF is worth $2.84.
When it comes to Bitcoin (BTC), Credible warns that the king of cryptocurrencies stands to retreat following its recent surge. The trader notes that unless Bitcoin crosses the $69,000 resistance level, it will likely continue trading sideways.
“When you get back to the highs where you're most likely to get rejected, people start running their mouths like crazy again. This has happened 5/5 times now and they'll learn. It seems, but it doesn't learn.
For your own sake, wait until we actually break out and start doing victory laps, because if we break out six times, you're all going to look stupid. ”
As of this writing, Bitcoin is trading at $65,907, up over 5% on the day.
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