A prominent cryptocurrency strategist has alerted investors about potential declines for meme tokens PEPE and WIF. Known as Credible Crypto, the trader conveyed his cautious outlook on PEPE to nearly 426,000 followers on the social media platform X, suggesting that the tokens may be poised for significant pullbacks.
Will PEPE Experience a Downtrend?
Credible Crypto anticipates that the recent upward trend for PEPE will soon lose steam, predicting a drop to below $0.00000570. As of now, PEPE is trading at approximately $0.000011, having seen a notable increase of over 13% within the last day.
What About WIF’s Stability?
The analyst expressed similar concerns for WIF, indicating that this altcoin is also expected to see a downturn near its support levels. Currently, WIF is valued at $2.84, and expectations for its performance remain cautious.
Credible Crypto further warned about Bitcoin‘s (BTC) potential for a pullback following its recent rally. He suggested that unless Bitcoin breaks the $69,000 resistance level, it may continue to trade sideways. Notably, Bitcoin is hovering around $67,000, reflecting a 5% rise in the last 24 hours. The strategist remarked that the market dynamics could lead to challenges in surpassing resistance again.
- PEPE and WIF might face significant corrections.
- Bitcoin’s resistance at $69,000 remains crucial for its direction.
- Traders should remain vigilant in monitoring market trends.
Traders should closely observe the market conditions as potential corrections in tokens like PEPE and WIF could bring risks. Moreover, Bitcoin’s struggle to breach critical resistance levels may contribute to ongoing uncertainty in the broader cryptocurrency market. Adjusting trading strategies in response to these developments could be advantageous for investors.