A widely followed crypto strategist says a challenger to Dogecoin (DOGE) is way ahead of its fellow altcoins.
Pseudonymous analyst Cred tells his 624,100 followers on social media platform X that he is bullish on the frog-themed memecoin Pepe (PEPE).
According to the crypto strategist, PEPE leads the altcoin pack in terms of market structure as the memecoin is close to its all-time high even after last month’s market-wide correction.
“PEPE: one of the strongest alts, ahead of several others thanks to breaking its range high (vs. Bonk and Doge, who are still technically testing their respective resistances).”
At the time of writing, PEPE is at $0.00000865, less than 20% away from its all-time high of $0.0000106.
Looking at Dogecoin, Cred says DOGE is likely to lose steam as it retests its immediate support at $0.147.
“One of those cases where hitting the best support would make the chart look pretty ugly, so the options are hoping for a short timeframe/shallow pullbacks or a breakout.”
At the time of writing, DOGE is worth $0.162, very close to the analyst’s next breakout level.
As for fellow memecoin Bonk (BONK), Cred says the altcoin looks bullish as long as it trades above its midpoint at $0.000025.
“Strong beyond the lows, at a local high level. Preferably shallow pullback and/or breakout punts. It would be difficult to reduce the recovery to the lowest range.”
At the time of writing, BONK is trading at $0.0000262.
The last coin on the trader’s list is dogwifhat (WIF). According to the analyst, WIF is in the midst of a new uptrend with disability below $3.
“Assuming the close doesn’t fill up in one day, this move would mean a daily higher time frame + a return to the prior range.
The same area would act as a line in the sand for bias, i.e. less than $3.”
At the time of writing, WIF is worth $3.37.
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