A crypto strategist warns that meme tokens Pepe (PEPE) and dogwifhat (WIF) are now in prime locations to witness deep corrective moves.
Pseudonymous trader Credible Crypto tells his 425,900 followers on social media platform X that he is pessimistic on PEPE.
According to the analyst, PEPE’s current rally will run out of steam, paving the way for a collapse below $0.00000570.
“HTF (high time frame) distribution takes time.
After rebounding from the lows of our range, we are now back at the highs of the range and once again struggling to break through them, which will likely lead to another gap and failure.
The next drop in BTC should also give us an outsized drop in PEPE.
I’m small.
At the time of writing, PEPE is trading at $0.000011, up over 13% over the past day, but still near the high end of Credible Crypto’s range.
As for fellow memecoin WIF, the trader claims that the altcoin is showing a bearish pattern at its highs.
“I patiently waited over a week for this configuration to present itself.
I added to my position and am now short WIF with full position size.
Although we are a little short of my USD sell target at the moment, the BTC pair has reached my upside target at this time and that, combined with my current low time bias on BTC, is enough to trigger this setup for me.
We will likely take some profits in the green zone below, where chances are high we see a rebound, but ultimately we are aiming for the lows of the range with WIF back below $1.
At the time of writing, WIF is worth $2.84.
As for Bitcoin (BTC), Credible warns that the king of crypto is now in a position to pull back after its latest surge. The trader notes that Bitcoin will likely continue to trade sideways unless it breaks through resistance at $69,000.
“People are talking crazy again while we are back at the top, the place most likely to expect rejection. This has happened 5/5 times now and you would think they would learn but they don’t.
For your own sake, wait until we move away to start doing these victory laps, because you’ll all look like idiots if we crash for the 6th time.
At the time of writing, Bitcoin is trading at $65,907, up more than 5% on the day.
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