A crypto strategist is warning meme tokens Pepe (PEPE) and dogwifhat (WIF) are now in prime spots to witness deep corrective moves.
Pseudonymous trader Credible Crypto tells his 425,900 followers on the social media platform X that he’s leaning bearish on PEPE.
According to the analyst, the current PEPE rally will lose steam, setting the stage for a collapse below $0.00000570.
“HTF (high time frame) distribution takes time.
After bouncing off of our range lows, we are now back at the range highs and once again struggling to clear them – likely leading to another deviation and failure.
The next leg down on BTC should give us an outsized move down on PEPE as well.
I’m short.”
At time of writing, PEPE is trading for $0.000011, up over 13% in the past day but still close to Credible Crypto’s range high zone.
Turning to fellow memecoin WIF, the trader says the altcoin is flashing a bearish setup at its range highs.
“Patiently waited over a week for this setup to present itself.
I’ve added to my position and am now short WIF with a full position size.
While we have fallen a little short of my USD short target for now, the BTC pairing has hit my upside target at this time and that along with my current low time frame bias on BTC is enough to trigger this setup for me.
Will likely take some profits in the green zone below where odds are high we see a bounce, but ultimately aiming for the range lows with WIF back under $1.”
At time of writing, WIF is worth $2.84.
As for Bitcoin (BTC), Credible warns that the crypto king is now in a position to pull back after its latest surge. The trader notes Bitcoin will likely continue to trade sideways unless it clears resistance at $69,000.
“People once again running their mouths like mad when we are back at the highs at the most likely place to expect a rejection. This has happened 5/5 times now and you think they’d learn but they don’t.
For your own sake folk, wait til we actually break out to start running those victory laps because you’re all gonna look like idiots if we break down for the 6th time.”
At time of writing, Bitcoin is trading for $65,907, up over 5% on the day.
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Generated Image: Midjourney