Unknown cryptocurrency expert warns about a popular memecoin and outlines the future of Ethereum (ETH), XRP, as well.
Credible Crypto, an analyst who goes by the pseudonym Credible Crypto on social media platform X tells 405,000 of his followers that memecoin Pepe has “held up quite well” despite the general market decline.
However, the pseudonymous expert says that he’s bearish about Pepe in the long run.
I would not be shocked if another leg is seen to extract some liquid before the bigger move continues.
According to Credible Crypto, based on its chart for the 4-hour timeframe, the pseudonymous expert suggests that Pepe’s price could rise by 38% to $0.0000145 from where it is currently before plummeting to $0.000005.
Pepe currently trades at $0.000104 as of the time this article was written.
The widely-followed analyst is extremely bearish about Ethereum. It’s the second largest crypto asset in terms of market capitalization. Credible Crypto’s downside target is a price of $2,800, or 12% less than the current value.
According to Credible Crypto, Ethereum’s six-hour chart shows that it could first rise above $3,400 before falling lower.
I’m not going to pursue shorts in the middle-range or potential demand. Even if we get a bounce like the one shown, I’ll still be looking to short any moves into RED (areas above $3400 ].
“If we do not get it, we will look at the next chance.”
Ethereum currently trades at $3,174.
XRP is next. He says he is looking for a good opportunity if XRP retraces below $0.49. Credible Crypto chart for the 12-hour period shows that the analyst is targeting a price of $1. This would be 66% higher than the current XRP level.
At the time of this writing, XRP was trading for $0.603.
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Sources of Images: Pixabay Creative Commons DALLE3
The ICD published the first version of this article: Crypto Analyst says Large-Cap Memecoin is primed for a Massive Drop, Updates on Ethereum and XRP.
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