‘It’s Over for Memecoins’: Trader Who Nailed 2022 Crypto Bottom Turns Bearish on dogwifhat and Pepe – Here’s Why
Release: 2024/05/17 20:04 Reading: 777
Analyst Predicts Bearish Outlook for Memecoins
Renowned crypto analyst, known by the pseudonym DonAlt, has issued a stark warning regarding the future of memecoins.
With over 550,000 followers on X, DonAlt believes that memecoin projects could face an imminent collapse.
Specific Memecoin Predictions
- Pepe (PEPE): DonAlt anticipates a potential plunge to range lows if support at $0.00000998 on the daily chart fails.
- Dogwifhat (WIF): If the range high of $3.15 is not flipped into support, DonAlt predicts a decline to approximately $2.23, the range low.
Reasons for Bearishness
DonAlt cites several factors contributing to his bearish stance on memecoins:
- Innumerable memecoin projects
- Constant influx of new memecoins
- Irrational investment behavior based on the GME-meme rotation narrative
- Deteriorating technical charts across the board
- Excessive bullish sentiment
Conclusion
DonAlt advises caution for those holding portfolios heavily invested in memecoins, particularly those based on dog or cat themes.
Source: https://thebittimes.com/it-s-over-for-memecoins-trader-who-nailed-2022-crypto-bottom-turns-bearish-on-dogwifhat-and-pepe-here-s-why-tbt88616.html
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