Crypto strategists are warning that meme tokens Pepe (PEPE) and dogwifhat (WIF) are currently primed to witness a serious corrective move.
Household trader Credible Crypto tells his 425,900 followers on social media platform X that he is bearish on PEPE.
According to analysts, the current PEPE rally may lose steam, setting the stage for a collapse below $0.00000570.
“High Time Frame (HTF) deployment takes time.
After breaking out of the lowest range, we are now back in the highest range and are once again struggling to clear it, which will likely lead to another breakout and failure.
The next step for BTC should deliver a massive move in PEPE as well.
“I am short.”
As of this writing, PEPE is trading at $0.000011, up more than 13% in the past day, but still close to Credible Crypto’s top range.
Looking at fellow memecoin WIF, the trader said the altcoin is on a downward trend from its highs.
“I waited patiently for over a week for this setting to appear.
I added it to my position and it is now a short WIF of the full position size.
Although it’s a little short of my USD short-term target at the moment, the BTC pairing is currently at my upside target, which along with the current lower timeframe bias towards BTC is enough to trigger this setup.
We are likely to see some gains in the green zone below where odds are high, and we see a bounce, but ultimately WIF will return below $1, targeting the lower end of the range.”
As of this writing, WIF is worth $2.84.
As for Bitcoin (BTC), Credible warns that the cryptocurrency king may be in a position to pull back after its recent surge. The trader notes that Bitcoin is likely to continue trading sideways unless it clears resistance at $69,000.
“When we come back to the places where we are most likely to expect rejection, people are once again madly silent. This has happened 5/5 times now and you think they will learn, but they don’t.
For you guys, just wait until we actually start to take a victory lap. Because if we fall for the sixth time, you will all look like fools.”
As of this writing, Bitcoin is trading at $65,907, up more than 5% on the day.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us XFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created by: Midjourney