Crypto Strategist Warns of Potential Drops for Meme Tokens PEPE and WIF
Release: 2024/10/16 19:09 Reading: 953
Crypto Strategist Warns of Potential Corrections for Meme Tokens
A renowned crypto strategist has cautioned investors about the potential for significant corrections in meme tokens PEPE and WIF. Known as Credible Crypto, the trader shared his analysis with over 425,000 followers on social media.
Expectations for PEPE's Decline
Credible Crypto predicts that the current rally in PEPE will lose steam, leading to a drop below $0.00000570. Despite a 13% increase in the past day, PEPE currently stands at $0.000011.
WIF's Dip at Support Levels
Credible Crypto holds a similar view for WIF, suggesting that it may experience a downside movement at its current support level of $2.84.
Bitcoin's Sideways Movement
Regarding Bitcoin (BTC), Credible Crypto warned that it could face a pullback after its recent surge. He noted that a failure to break the $69,000 resistance could keep Bitcoin in a sideways trend.
"High-timeframe distribution takes time. Reverting to our support levels makes it challenging to break resistance again, indicating potential divergence and failure," he said.
Traders' Strategies
Credible Crypto added to their short position in WIF, indicating a bearish outlook for the altcoin.
Bitcoin remains around $67,000, having gained 5% in the past 24 hours. Credible Crypto maintains that a break above $69,000 could lead to a directional shift.
Conclusion
Potential corrections in PEPE and WIF create风险 for investors. Uncertainty in the crypto market may persist if Bitcoin is unable to surpass significant resistance levels. Traders are advised to monitor these developments and adjust their strategies accordingly.
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