A broadly adopted cryptocurrency analyst is issuing a warning on a number one memecoin whereas outlining the trail ahead for Ethereum (ETH) and XRP.
The analyst pseudonymously referred to as Credible Crypto tells his 405,000 followers on the social media platform X that the memecoin Pepe (PEPE) has held up “fairly nicely” amid a wider market downturn.
The pseudonymous analyst, nevertheless, says he’s bearish on Pepe over the long run.
“I’d not be shocked if we see one other leg as much as take some untapped liquidity earlier than the bigger transfer down continues.”
Based mostly on Credible Crypto’s chart on the four-hour time-frame, it seems that the pseudonymous analyst is suggesting that Pepe might respect by about 38% from the present worth to round $0.0000145 earlier than plunging to beneath $0.000005.
Pepe is buying and selling at $0.0000104 at time of writing.
Turning to Ethereum, the broadly adopted analyst says that he’s bearish on the second-largest crypto asset by market cap. Credible Crypto says his draw back goal for Ethereum is beneath the $2,800 worth, round 12% beneath the present stage.
Based mostly on Credible Crypto’s chart on the six-hour time-frame, Ethereum might bounce above the $3,400 stage first earlier than plunging decrease.
“Not going to chase shorts into the mid-range and potential demand right here. If we handle to get a bounce as pictured, I’ll nonetheless look to brief any pushes into RED [area above $3,400].
If we don’t get that, it’s what it’s and we search for the subsequent alternative.”
Ethereum is buying and selling at $3,174 at time of writing.
Subsequent up is XRP. The pseudonymous analyst says he’s eyeing a protracted alternative if XRP retraces to beneath the $0.49 stage. Based mostly on Credible Crypto’s chart on the 12-hour time-frame, it seems that the broadly adopted analyst has an upside goal for XRP of round $1, about 66% above the present stage.
XRP is buying and selling at $0.603 at time of writing.
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