A crypto strategist indicated that meme tokens PEPE and WIF may experience significant correction movements. The trader, known as Credible Crypto, expressed a negative outlook on PEPE to his 425,900 followers on the social media platform X.
Expectations for PEPE’s Decline
The analyst predicts that the current PEPE rally will lose momentum and fall below $0.00000570. PEPE is currently trading at $0.000011 and has recorded an increase of over 13% in the past day.
The analyst holds the same view for WIF, stating that the altcoin also shows a tendency to dip at support levels. WIF is currently priced at $2.84.
Future of Bitcoin
Regarding Bitcoin (BTC) 
$105,248, Credible Crypto warned that the king of cryptocurrencies might pull back following its recent surge. He noted that unless Bitcoin surpasses the $69,000 resistance, it will remain in a sideways movement. Credible Crypto stated:
“HTF distribution takes time. Reverting to our support levels makes it challenging to break resistance again, indicating potential divergence and failure. I added to my position, and now I have a full-sized short position in WIF.”
Bitcoin is currently trading at around $67,000 and has experienced a 5% increase in the last 24 hours.
Credible Crypto concluded that Bitcoin will remain sideways without exceeding the $69,000 resistance, and a break of this level could indicate a possible directional shift.
In conclusion, expected corrections in meme tokens like PEPE and WIF may pose risks for traders. Additionally, uncertainty in the overall crypto market may persist if Bitcoin fails to surpass significant resistance levels. It may be beneficial for traders to monitor these developments and adjust their strategies accordingly.
