A closely followed crypto strategist is predicting a big move to the downside for one Dogecoin (DOGE) rival after forming a bearish structure.
Pseudonymous analyst Kaleo tells his 596,500 followers on the social media platform X that Pepe (PEPE) could retrace recent gains and dip by more than 16% from its current value.
“PEPE breaking out on LTF (low time frame).
Looks like it’s ready to run it back to the highs.”
Looking at his inverted chart, the trader thinks Pepe is forming a double-top bearish pattern and will revisit the $0.00000061 level.
Pepe is trading for $0.00000073 at time of writing, up 4.5% in the last 24 hours.
Kaleo also says he remains bullish on Bitcoin (BTC) but predicts price volatility until a convincing bull market next year.
“Stack heavily on dips.
Big picture everything that happens over the next six months is just noise to shake you out before the real fun begins later in 2024/2025.”
Bitcoin is trading for $26,236 at time of writing, down 0.1% in the last 24 hours.
Lastly, the trader says Solana (SOL) is showing weakness against Bitcoin.
“Unfortunately just haven’t seen the follow through I’d like to on this recent bounce. Would have liked to see a quick reclaim of .0008 on the BTC pair for bullish continuation. Currently short and looking for a revisit of the 2023 lows.”
SOL/BTC is trading for 0.00072 BTC ($18.98) at time of writing.
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