Top Analyst Flips Bearish on Pepe (PEPE), Warns Popular Memecoins Will Witness Over 80% Correction
Release: 2024/05/20 17:49 Reading: 762
An analyst who rode the 2023 crypto breakout believes that memecoin Pepe (PEPE) is headed to significantly lower levels.
Pseudonymous analyst DonAlt shared his insights with his 553,800 followers on the social media platform X, noting that PEPE appeared to have made a false breakout to new all-time highs before sellers pushed the price below its range high of $0.000009959.
In technical analysis, a false breakout is often interpreted as a bearish sign, indicating that sellers are overpowering demand.
DonAlt commented, "Fell below the previous highs. For now, that looks like a false breakout. As long as that's not reclaimed, that's a bearish chart. If reclaimed, that'd be quite bullish, but only then." src="/uploads/20240520/1716199805664b217d7029c.png">
Source: DonAlt/X
Based on the trader's chart, the next support level for PEPE seems to be at $0.0000065. At the time of writing, PEPE was valued at $0.0000090.
Regarding fellow memecoin dogwifhat (WIF), DonAlt expressed a bearish outlook unless it managed to regain a crucial price level.
"Almost back to range low. Looks very bad still. Would look better above $2.77 or below $2." src="/uploads/20240520/1716199805664b217d7029c.png">
Source: DonAlt/X
At the time of writing, WIF was trading at $2.68.
DonAlt believes that coins in the altcoin sector, including memecoins, will experience significant devaluations based on historical data from previous cycles.
"If I'm right, the popular memes we trade today will trade 80%+ lower. Then you'll have new memes come up that build new communities that run up. And we'll have the same discussions in a couple of years...
Why am I saying that? Because we've gone through this exact scenario a hundred times in crypto history already. If the meme top isn't in, it will be eventually. And then you'll get a 90% nuke on all of them, even the most 'blue chip' memes (lol) that exist. It repeats every cycle."
Source: https://thebittimes.com/top-analyst-flips-bearish-on-pepe-pepe-warns-popular-memecoins-will-witness-over-80-correction-tbt88922.html
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