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

May 7, 2024
in Altcoin
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A extensively adopted crypto strategist says one Dogecoin (DOGE) challenger is approach forward 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).

In line with the crypto strategist, PEPE is main the altcoin pack by way of market construction because the memecoin strikes near its all-time excessive even after final month’s marketwide correction.

“PEPE: one of many strongest alts, forward of a number of of the others by advantage of breaking its vary excessive (vs. Bonk and Doge, that are nonetheless technically testing their respective resistances).” 

Supply: Cred/X

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

Dogecoin, Cred says that DOGE will possible lose steam if it retests its quick help at $0.147.

“A type of situations the place reaching one of the best help would make the chart look fairly ugly, so choices are to hope for low timeframe/shallow pullbacks, or breakout chase.” 

Image
Supply: Cred/X

At time of writing, DOGE is value $0.162, very near the analyst’s subsequent breakout degree.

As for fellow memecoin Bonk (BONK), Cred says the altcoin appears bullish so long as it trades above its vary midpoint at $0.000025.

“Robust off the lows, at native vary excessive. Shallow pullback and/or breakout punts preferable. Retracing the reclaim again to the vary low can be a troublesome look.”

Image
Supply: Cred/X

At time of writing, BONK is buying and selling at $0.0000262.

The final coin on the dealer’s listing is dogwifhat (WIF). In line with the analyst, WIF is within the midst of a brand new uptrend with invalidation beneath $3.

“Assuming one-day shut doesn’t get stuffed, this transfer would signify a every day timeframe larger excessive + transfer again into the previous vary.

Identical space would act as line within the sand for bias i.e. sub $3.” 

Image
Supply: Cred/X

At time of writing, WIF is value $3.37.

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Disclaimer: Opinions expressed at The Every day Hodl are usually not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal threat, and any losses you could incur are your duty. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Every day Hodl an funding advisor. Please word that The Every day Hodl participates in internet affiliate marketing.

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Tags: AltcoinsassetsCallscryptoDogecoinMemecoinOutlookstrongestTraderUpdates
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