A trader specializing in cryptocurrency is cautioning investors that meme tokens Pepe (PEPE) and dogwifhat (WIF) are at risk of experiencing significant downward movements.
Credible Crypto, a trader with a large following on the social media platform X, is expressing a bearish outlook on PEPE. According to the analyst, the current rally of PEPE is expected to lose momentum, leading to a decline below $0.00000570.
The trader also believes that WIF, another memecoin, is showing bearish indicators at its range highs. Credible Crypto has taken a short position on WIF and is aiming for a decrease in value back under $1.
In addition to the meme tokens, Credible Crypto is warning that Bitcoin is poised for a pullback after its recent surge. The trader suggests that Bitcoin will likely trade sideways unless it is able to surpass resistance at $69,000.
As of the latest update, PEPE is trading at $0.000011, up by more than 13% in the past day. WIF, on the other hand, is currently valued at $2.84. Bitcoin is trading at $65,907, with a gain of over 5% on the day.
It’s important to note that the opinions expressed by Credible Crypto are not investment advice, and investors should conduct their own research before making any high-risk investments in cryptocurrency. The Daily Hodl, where the information was sourced from, does not endorse the buying or selling of cryptocurrencies or digital assets.
