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).”
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.”
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.”
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.”
At time of writing, WIF is worth $3.37.
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The post Trader Calls Memecoin One of Strongest Altcoins, Updates Outlook on Dogecoin and Three Other Crypto Assets appeared first on The Daily Hodl.