Trader says a rival between Dogecoin and Shiba Inu is facing a major correction, updates outlook for Bitcoin and Solana
A closely followed crypto strategist is predicting a strong downward move for a Dogecoin (DOGE) rival after a bearish structure forms.
Pseudonymous analyst Kaleo tells his 596,500 followers on social media platform X that Pepe (PEPE) could reverse recent gains and fall more than 16% of its current value.
“PEPE breaks out at LTF (short time frame).
Looks like it’s ready to hit the highs again.”
Source: Kaleo/X
Looking at his inverted chart, the trader expects Pepe to form a bearish double top pattern and revisit the $0.00000061 level.
Pepe is trading for $0.00000073 at the 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.
“Bet big on dips.
By and large, everything that happens in the next six months is just noise designed to scare you away before the real fun begins later in 2024/2025.”
Bitcoin is trading at $26,236 at the time of writing, down 0.1% in the last 24 hours.
Finally, the trader says that Solana (SOL) is showing weakness against Bitcoin.
“Unfortunately, I haven’t seen the implementation that I would have liked with this recent upswing. For the uptrend to continue, I would have liked a quick recovery of the BTC pair to 0.0008. Currently short and looking for a return to 2023 lows.”
Source: Kaleo/X
At the time of writing, SOL/BTC is trading for 0.00072 BTC ($18.98).
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