As a researcher who has closely followed the cryptocurrency market, I have seen firsthand how meme coins have gained significant attention and momentum in 2024, especially during the lull in the Bitcoin and altcoin rally. However, based on the analysis of crypto expert DonAlt, I believe that some popular meme coins like PEPE and WIF could be due for a significant decline.
In the year 2024 up to this point, meme coins have experienced significant growth relative to other crypto market segments. Notably, even when the Bitcoin and altcoin market surge took a break starting from April, the meme coin trend persisted. This resilience can be attributed to the recent boost given by meme stocks such as GameStop Corp (NYSE: GME) and AMC. Nevertheless, according to certain market forecasters, the celebration for meme coins might be drawing to a close. Particularly susceptible to this trend reversal are meme coins like Pepe (PEPE), which have delivered exorbitant returns in a brief timeframe.
A cryptocurrency expert who rode the wave of the 2023 cryptocurrency market boom now expects a decline for meme coin PEPE.
Expert’s perspective: On X, the anonymous commentator DonAlt shares his thoughts with his 553,800 followers. He expresses concern that the price trend of PEPE might be about to take a downturn. Notably, PEPE previously displayed a misleading surge to unprecedented highs near $0.000009959, only to fall below its established range afterwards.
In the realm of technical analysis, a false breakout signifies a bearish market trend. This occurs when the price surpasses a key resistance level, only to be subsequently sold off by aggressive selling pressure, outpacing the buying demand.
The price dipped below its earlier peak. At present, this appears to be a misleading rise above resistance. Until this level is retaken, the trend remains bearish. However, if it is regained, the chart would become quite bullish.
At this moment, PEPE is experiencing a 2.14% increase in value, priced at $0.000009359. Its market capitalization amounts to a substantial $3.94 billion. Currently ranking third among meme coins, PEPE trails behind Dogecoin (DOGE) and Shiba Inu (SHIB) in terms of popularity and market size.
Meme Coin Dogwifhat (WIF) Flashes Bearish Signal
As a researcher studying the cryptocurrency market, I’ve come across DonAlt’s latest analysis on Dogwifhat (WIF), a popular meme coin. According to DonAlt’s assessment, the altcoin is currently showing bearish signs and is unlikely to change course unless it successfully recaptures a significant price level.
From my perspective as an analyst, I’ve noticed that the WIF token has dipped towards its support level once more. The bearish trend remains evident, but a turnaround could occur if the price manages to exceed $2.77 or fall below $2. At present, the token is experiencing a 6.54% rise and sits at $2.71 – just shy of the significant resistance levels.
Based on his analysis of the broader meme coin market, DonAlt expects substantial price drops for many altcoins, drawing on lessons learned from past market trends.
As a seasoned crypto investor, I’ve observed this pattern play out numerous times in our market’s history. I strongly believe that many of today’s popular meme tokens could potentially drop by 80% or more. Afterward, new memes will emerge, creating fresh communities and generating similar debates. The cycle then repeats itself. My reasoning is simple: this scenario has repeated itself countless times in the past. If a meme top hasn’t been reached yet, it eventually will be, resulting in significant losses for investors – even those holding supposedly ‘blue chip’ memes.
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2024-05-20 17:57