Memecoins
“It’s over for Memecoins”: The trader who hit crypto bottom in 2022 turns bearish on dogwifhat and Pepe – here’s why
A trader known for making precise crypto calls suddenly turns bearish on memecoins.
Analyst pseudonym DonAlt tell his 550,400 followers on social media platform X that memecoin projects could suddenly collapse.
“I’m personally convinced it’s game over for memes, the rest of the market could cope, but I expect memes to be giga rug (gigantic rug pull). Good luck if your portfolio is on the 10th iteration of a dog or a cat.
Focusing on specific memecoins, the analyst warns than Pépé (PEPE) could fall to a low level if it fails to maintain the $0.00000998 level as support on the daily chart.
“PEPE: decent breakout, technically bullish as long as it holds. If it fails and comes back into range, I will short it by targeting the lower end of the range. I prefer WIF but I could spread my bets.
Source: DonAlt/X
Pepe is trading at $0.00001004 at the time of writing, down 4.5% in the last 24 hours.
The analyst also said memecoin dogwifhat (Wireless) could fall around the range low of $2.23 if it fails to reach support at the range high of $3.15.
“WIF: actively seeks to short the high end of the range. Target somewhere below the low range. This is false if the scope is properly broken.
Source: DonAlt/X
WIF is trading at $2.83, down 7.6% in the last 24 hours.
The analyst also lists several of his the reasons to be bearish on memecoins.
“Reasons why I’m bearish:
- There are already endless memes.
- Every day there are thousands more.
- A bunch of people have bought into the GME meme spin narrative (which is beyond retarded in my opinion).
- The graphics don’t look that good across the board.
- The sentiment is heavily skewed.
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