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Trader Calls Memecoin One of Strongest Altcoins, Updates Outlook on Dogecoin and Three Other Crypto Assets

source-logo  dailyhodl.com 07 May 2024 09:33, UTC

A widely followed crypto strategist says one Dogecoin (DOGE) challenger is way ahead of its fellow altcoins.

Pseudonymous analyst Cred tells his 624,100 followers on the social media platform X that he’s bullish on the frog-themed memecoin Pepe (PEPE).

According to the crypto strategist, PEPE is leading the altcoin pack in terms of market structure as the memecoin moves close to its all-time high even after last month’s marketwide correction.

“PEPE: one of the strongest alts, ahead of several of the others by virtue of breaking its range high (vs. Bonk and Doge, which are still technically testing their respective resistances).”

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Source: Cred/X

At time of writing, PEPE is $0.00000865, less than 20% away from its all-time high of $0.0000106.

Looking at Dogecoin, Cred says that DOGE will likely lose steam if it retests its immediate support at $0.147.

“One of those instances where reaching the best support would make the chart look quite ugly, so options are to hope for low time frame/shallow pullbacks, or breakout chase.”

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Source: Cred/X

At 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 range midpoint at $0.000025.

“Strong off the lows, at local range high. Shallow pullback and/or breakout punts preferable. Retracing the reclaim back to the range low would be a tough look.”

Source: Cred/X

At 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 invalidation below $3.

“Assuming one-day close doesn’t get stuffed, this move would signify a daily time frame higher high + move back into the former range.

Same area would act as line in the sand for bias i.e. sub $3.”

Source: Cred/X

At time of writing, WIF is worth $3.37.


Generated Image: DALLE3

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