Analyst Warns About Meme Coins
Release: 2024/05/18 04:08 Reading: 218
Analyst Warns About Meme Coins
An analyst renowned for his astute cryptocurrency market insights has re-emerged. Notably, he accurately predicted the crypto market's bottom in 2022. The analyst has now raised concerns about meme coins, causing apprehension among investors.
Analyst's Comments on Meme Coins
DonAlt, the analyst, issued dire warnings on social media platform X, suggesting that meme coin projects could experience a sudden collapse.
"I am personally convinced that everything is over for meme coins; the rest of the market might recover, but I expect meme coins to experience a giga rug pull. If your portfolio includes the 10th iteration of a dog or cat, good luck."
The analyst also made specific comments about certain meme coins, cautioning that Pepe (PEPE) could decline significantly if it fails to maintain the $0.00000998 level as support on the daily chart.
"PEPE: A good breakout, technically bullish as long as it holds. If it fails and returns to the range, I will short it targeting the lower levels of the range. I prefer WIF, but I might spread my bets."
Pepe is currently trading at $0.000010016, up 0.5% in the past 24 hours. PEPE's market cap has increased by 0.46% to $4.2 billion, while its 24-hour trading volume has decreased by 36% to $1 billion.
According to the analyst, if meme coin dogwifhat (WIF) fails to break above the $3.15 high and establish it as support, it could fall to the $2.23 low range.
"WIF: Actively wants to short the high range. Target a place below the low range. If the range breaks properly, it's wrong."
WIF is currently trading at $2.83, down 1.24% in the past 24 hours. WIF's 24-hour trading volume has declined to $526 million.
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Reasons for the Analyst's Bearishness on Meme Coins
The analyst provided several reasons for his bearish stance on meme coins, including:
- The proliferation of meme coins, with thousands being launched daily.
- The misguided belief in the GME-meme rotation narrative.
- Unfavorable chart patterns.
- A shift in sentiment towards bullishness.
The original post can be found at COINTURK NEWS: Analyst Warns About Meme Coins
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