Trader Calls Memecoin One of Strongest Altcoins, Updates Outlook on Dogecoin and Three Other Crypto Assets

A widely followed crypto strategist suggests that one Dogecoin (DOGE) challenger is outperforming its fellow altcoins.

Pseudonymous analyst Cred shared his bullish outlook on the frog-themed memecoin Pepe (PEPE) with his 624,100 followers on social media platform X.

According to Cred, PEPE leads the altcoin pack in terms of market structure, approaching its all-time high despite last month's marketwide correction.

"PEPE: one of the strongest alts, ahead of several of the others by virtue of breaking its range high (vs. Bonk and Doge, which are still technically testing their respective resistances)."

Source: Cred/X

At the time of writing, PEPE traded at $0.00000865, less than 20% below its all-time high of $0.0000106.

Regarding Dogecoin, Cred predicts that DOGE may lose momentum if it retests its immediate support at $0.147.

"One of those instances where reaching the best support would make the chart look quite ugly, so options are to hope for low time frame/shallow pullbacks, or breakout chase."

Source: Cred/X

At the time of writing, DOGE was valued at $0.162, close to the analyst's next breakout level.

As for fellow memecoin Bonk (BONK), Cred believes it remains bullish as long as it trades above its range midpoint at $0.000025.

"Strong off the lows, at local range high. Shallow pullback and/or breakout punts preferable. Retracing the reclaim back to the range low would be a tough look."

Source: Cred/X

At the time of writing, BONK traded at $0.0000262.

The final coin on the trader's list is dogwifhat (WIF). According to the analyst, WIF is in the midst of a new uptrend with invalidation below $3.

"Assuming one-day close doesn’t get stuffed, this move would signify a daily time frame higher high + move back into the former range.
Same area would act as line in the sand for bias i.e. sub $3."

Source: Cred/X

At the time of writing, WIF was worth $3.37.

Source: https://thebittimes.com/trader-calls-memecoin-one-of-strongest-altcoins-updates-outlook-on-dogecoin-and-three-other-crypto-assets-tbt87603.html