Analyst Predicts Major Correction for Meme Coin Challenger

A well-known crypto strategist, closely followed by many, predicts a significant downward movement for a Dogecoin (DOGE) competitor due to the emergence of a bearish pattern.

The analyst, known as Kaleo, shared on the social media platform X that Pepe (PEPE) may retrace recent gains, potentially dipping by over 16% from its current value.

$PEPE breaking out on LTF

Looks like it’s ready to run it back to the highs

RT if you’re bullish! pic.twitter.com/fnclgzHb99

— K A L E O (@CryptoKaleo) September 26, 2023

Kaleo believes that Pepe is breaking out on the low time frame (LTF), suggesting a potential return to previous highs. Examining his inverted price chart, he points to a double-top bearish pattern forming, indicating a possible revisit to the $0.00000061 price level.

Pepe is trading at $0.00000073 at the time of writing, reflecting a 4.5% increase over the last 24 hours.

Additionally, Kaleo expresses optimism about Bitcoin (BTC) but acknowledges the likelihood of price volatility until a convincing bull market emerges next year.

He recommends accumulating during price dips, noting that the next six months’ developments are essentially distractions before the real excitement begins in 2024/2025.

Bitcoin’s current trading price is $26,236, with a marginal 0.1% decline over the past 24 hours.

Lastly, Kaleo observes that Solana (SOL) is displaying relative weakness compared to Bitcoin. He mentions not witnessing the desired follow-through in a recent bounce and anticipates a revisit to the 2023 lows. The SOL/BTC trading pair is currently valued at 0.00072 BTC ($18.98) as of the time of writing.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.