Altcoins
Trader Calls Memecoin One of the Strongest Altcoins, Updates Outlook on Dogecoin and Three Other Crypto Assets
A widely followed crypto strategist says that a Dogecoin (DOGE) the challenger is far ahead of its fellow altcoins.
Pseudonymous analyst Cred tells his 624,100 followers on social media platform X to be bullish on the frog-themed memecoin Pepe (PEPPER).
According to the cryptocurrency strategist, PEPE is leading the altcoin pack in terms of market structure, as the memecoin approaches its all-time high even after last month’s market-wide correction.
“PEPE: one of the strongest alts, ahead of many others by virtue of breaking his high range (against Bonk and Doge, who are still technically testing their respective resistances).”
Source: Credit/X
At the time of writing, PEPE is worth $0.00000865, less than 20% from its all-time high of $0.0000106.
Looking at Dogecoin, Cred says DOGE will likely lose momentum if it retests its immediate support at $0.147.
“One of those cases where reaching the best support would make the chart look pretty bad, so the options are hoping for a timeframe low/shallow pullbacks or chasing the breakout.”
At the time of writing, DOGE is worth $0.162, very close to the next analyst breakout level.
As for fellow memecoin Bonk (BONK), Cred says the altcoin appears bullish as long as it trades above its mid-range point at $0.000025.
“Strong at local lows, local highs. Shallow pullback and/or breakout points are preferable. Tracing the recovery back to the low range would be a tall order.”
At the time of writing, BONK is trading at $0.0000262.
The last coin in the merchant’s list is dogwifhat (WIFE). According to the analyst, WIF is in the midst of a new bullish trend with invalidation below $3.
“Assuming a day’s close is not filled, this move would mean a higher high in the daily time frame + a move back into the previous range.
The same area would serve as a dividing line for bias, i.e. below $3.”
At the time of writing, WIF is worth $3.37.
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