One leading crypto strategist thinks that a dog-themed Solana (SOL)-based memecoin is headed to much lower prices.
In a new video, pseudonymous analyst Credible Crypto tells his 55,500 YouTube subscribers that dogwifhat (WIF) likely has not yet formed a market bottom.
[adinserter block="1"]“I do think that we could see some sort of a dead cat bounce here, but I don’t quite think that the downside is yet done.”
Looking at his chart, the trader suggests that WIF could correct to as low as $0.80 with price bounces along the way.
WIF is trading for $1.60 at time of writing, up nearly 3% in the last 24 hours.
Next up, the analyst says memecoin Pepe (PEPE) may experience about a 90% correction from its all-time high of $0.0000171.
“Obviously we have a significant area of support here in the green zone [between $0.0000059 and $0.0000040] so we may see some sort of a bounce from there. But ultimately where I think this is headed is lower.”
Based on the trader’s chart, he appears to predict that PEPE could plummet to as low as $0.00000185.
Pepe is trading for $0.00000876 at time of writing.
Lastly, the analyst says that dog-themed memecoin Dogecoin (DOGE) may retest higher resistance levels if Bitcoin begins to rally.
“Coins like DOGE may see some relief to the upside. You’ve hit our first downside target area of demand – logical place to see a bounce.
We probably see a bounce along with Bitcoin. And then we probably find some resistance and then continue to bleed as Bitcoin continues to pump. And that is where we get this sort of prolonged bleed to the downside…
Dogecoin: logical place to be interested at $0.10. But there’s a chance that we can go lower if this region is lost. We may certainly see a bounce here.”
Looking at his chart, the analyst suggests that one possible scenario is for DOGE to dip to around $0.084, retest resistance at around $0.15 and collapse to as low as $0.06.
DOGE is trading for $0.108 at time of writing, up slightly in the last 24 hours.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
