Memecoins
Professional Crypto Analyst Predicts Significant Drop in Memecoin PEPE and Other Altcoins
A leading analyst accurate in his prediction of the 2023 crypto breakout, DonAlt, has made a bearish prediction on memecoin Pepe and other altcoins. In a most recent analysis from social media platform
False Breakout Signals Signal Downtrend for PEPE
DonAlt, which has 553,800 followers on X, reported that PEPE made a false break above its previous high of $0.000009959 before sellers pushed the price down again. According to technical analysis, a false breakout is considered a bearish indication that sellers are flooding the market.
“Falled below previous highs. For now, it looks like a false escape. Until this sum is recovered, it is a bearish chart. If he’s recovered, that would be pretty optimistic, but only at that point,” DonAlt said.
The DonAlt chart shows that the next key support for PEPE is around $0.0000065. At the time of writing, PEPE is trading at $0.0000090, indicating that it could decline if previous highs are not regained.
Bearish outlook for Dogwifhat and the broader Memecoin market
DonAlt also shared his bearish outlook on another memecoin, Dogwifhat, and indicated that WIF looks really weak unless it manages to regain the key price level. “Almost returned to the lowest level. It still looks very bad. It would be better above $2.77 or below $2,” he commented. Currently, WIF is trading at $2.68, with prices barely holding on to their all-time lows.
DonAlt believes that the entire memecoin market is poised for sharp devaluations, given the trends of previous market cycles. He predicts that many top memecoins could lose more than 80% of their value.
“If I’m right, the popular memes we trade today will be trading more than 80% down. Then new memes will appear that will create new communities. And we will have the same discussions in a few years,” he explained.
DonAlt made this prediction based on previous trends in the cryptocurrency market, where memecoins often rise very high, only to abruptly crash. ” Why am I saying that ? Because we’ve already experienced this exact scenario a hundred times in the history of cryptography. If the top meme isn’t there, it will be eventually. And then you’ll get a 90% nuke on all of them, even the most “top notch” (lol) memes out there. It repeats itself every cycle,” DonAlt added.