Popular cryptocurrency analyst warns about leading memecoin while outlining the path ahead for Ethereum (ETH) and XRP.
An analyst going by the pseudonym Credible Crypto told his 405,000 followers on social media site X that the Pepe (PEPE) memecoin is holding up “pretty well” amid the broader market downturn.
However, the pseudonymous analyst claims he is bearish on Pepe in the long term.
“I wouldn’t be surprised if we see another rally that will allow some of the untapped liquidity to be taken away before the broader decline continues.”
Based on the Credible Crypto chart for the four-hour period, the pseudonymous analyst suggests that Pepe could rise by around 38% from its current price to around $0.0000145 before falling below $0.000005.
At the time of writing, Pepe is trading at $0.0000104.
Turning to Ethereum, a well-known analyst says he is bearish on the second-largest crypto asset by market cap. Credible Crypto says his downside target for Ethereum is below the $2,800 price, which is about 12% below current levels.
According to Credible Crypto’s six-hour chart, Ethereum could first rise above the $3,400 level and then fall even lower.
“Not going to chase shorts into the mid-range and potential demand here. If we manage to get a bounce like in the picture, I’ll still look to short any pushes in RED [area above $3,400].
If we don’t get that, then things will remain as they are and we will look for the next opportunity.”
At the time of writing, Ethereum is trading at $3,174.
Next up is XRP. A pseudonymous analyst says he sees an opportunity for a long if XRP breaks below $0.49. Based on the Credible Crypto chart on the 12-hour time frame, it looks like the widely followed analyst has a price target for XRP around $1, which is about 66% higher than current levels.
At the time of writing, XRP is trading at $0.603.
Generated image: DALLE3
