Analyst Predicts Drops for Meme Tokens
Release: 2024/10/16 19:34 Reading: 213
Analyst Predicts Downturns for Meme Tokens
Credible Crypto, a prominent cryptocurrency strategist, has cautioned investors about potential declines for meme tokens PEPE and WIF.
Potential Downtrend for PEPE
Credible Crypto anticipates a pullback for PEPE, forecasting a drop below $0.00000570. Despite a recent surge of over 13%, PEPE currently trades at approximately $0.000011.
Caution for WIF
Similar concerns were expressed for WIF, with the analyst predicting a downturn near support levels. WIF is currently valued at $2.84, and its performance outlook remains cautious.
Bitcoin's Resistance
Credible Crypto also flagged the potential for a pullback in Bitcoin (BTC). He suggests that unless BTC surpasses the $69,000 resistance level, it may continue to trade sideways. Currently, BTC hovers around $67,000, having risen 5% in the past 24 hours. The strategist highlights the challenges in overcoming resistance again.
Key Takeaways:
- PEPE and WIF may experience significant corrections.
- Bitcoin's resistance at $69,000 remains crucial for its direction.
- Traders should monitor market trends closely for potential risks.
Traders are advised to pay attention to market conditions and adjust trading strategies accordingly, as corrections in PEPE and WIF could impact the broader cryptocurrency market.
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