The post Pro Crypto Analyst Predicts Significant Decline for Memecoin PEPE and Other Altcoins appeared first on Coinpedia Fintech News
A leading analyst, accurate in the prediction of the 2023 Crypto Breakout, DonAlt, has made a bearish prediction on the memecoin Pepe and other altcoins. In a most recent analysis from the social media platform X, DonAlt warned that PEPE might face declines so huge after a fake breakout to new ATHs.
False Breakout Signals Bearish Trend for PEPE
DonAlt, who has 553,800 followers on X, indicated that PEPE made a fake breakout above its previous range high of $0.000009959 before sellers pushed the price down again. A fake breakout, under technical analysis, is seen as a bearish indication that sellers are flooding the market.
“Fell below the previous highs. For now, that looks like a fake breakout. As long as that’s not reclaimed, that’s a bearish chart. If reclaimed, that’d be quite bullish but only then,” DonAlt stated.
The chart by DonAlt shows that the next key support for PEPE is around $0.0000065. At the time of writing, PEPE is trading at $0.0000090, an indication that it might go lower if the 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 can regain the key price level. “Almost back to range low. Looks very bad still. Would look better above $2.77 or below $2,” he commented. Currently, WIF trades at $2.68, with prices barely holding up at their range low.
DonAlt thinks the entire memecoin market is ready for big devaluations, considering patterns over the previous market cycles. He predicts that many top memecoins could lose over 80% of their value.
“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,” he explained.
DonAlt made this prediction based on previous trends in the cryptocurrency market where memecoins often surge really high, only to crash steeply. “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,” DonAlt added.