A leading crypto strategist thinks a dog-themed memecoin based on Solana (SOL) is on its way to much lower prices.
In a new video, pseudonymous analyst Credible Crypto tells its 55,500 YouTube subscribers dogwifhat (WIF) probably haven’t formed a market bottom yet.
“I think we could see some kind of dead cat bouncing here, but I don’t quite think the downside is over yet.”
Looking at his chart, the trader suggests that WIF could correct to a low of $0.80, with price gains on the way.
WIF is trading at $1.60 at the time of writing, up almost 3% in the last 24 hours.
Next, the analyst says that memecoin Pepe (PEPE) could experience a correction of around 90% from its all-time high of $0.0000171.
“It is clear that we have significant support here in the green zone [between $0.0000059 and $0.0000040] so maybe we’ll see some sort of revival from there. But ultimately where I think this is going is lower.”
Based on the trader’s chart, he seems to predict that PEPE could drop to $0.00000185.
Pepe is trading at $0.00000876 at the time of writing.
Finally, the analyst says the dog-themed memecoin Dogecoin (DOGE) could test higher resistance levels again if Bitcoin starts to rally.
“Coins like DOGE can provide some relief. You’ve hit our first negative target area of demand: a logical place to see an upswing.
We will probably see a revival along with Bitcoin. And then we’ll probably find some resistance and then continue to bleed while Bitcoin continues to pump. And that’s where we get this kind of prolonged bleeding towards the bottom…
Dogecoin: logical place to be interested at $0.10. But there is a chance we could go lower if this region is lost. We may definitely see an upturn here.”
Looking at his chart, the analyst suggests that a possible scenario is that DOGE falls to around $0.084, retests resistance around $0.15 and collapses to a low of $0.06.
DOGE is trading at $0.108 at the time of writing, up slightly in the last 24 hours.
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Generated image: DALLE3