Crypto analyst DonAlt, known for his successful predictions, paints a negative picture about the future performance of meme coin Pepe (PEPE). According to DonAlt, PEPE is currently trending much lower.
PEPE recently reached new all-time highs and a breakout has occurred. DonAlt notes that PEPE appeared to have made a false breakout before sellers pushed the price below the $0.000009959 range. These types of false breakouts are often seen as a bearish sign in technical analysis, indicating that sellers are experiencing too high demand.
DonAlt explains this situation as follows: “It fell below the previous high levels. For now this looks like a false breakout. Unless this is reversed this is a bearish chart. “If it is reversed, that would be a very positive development, but only if it is reversed.” These statements underline the importance of PEPE’s price recovery. So, if the price of PEPE does not return to its previous levels, the downward trend will continue.
According to the analyst’s chart, the next support level for PEPE looks set to be $0.0000065. In this context, PEPE’s performance should be carefully examined in terms of both technical analysis and market dynamics. Fake breakouts can shake the confidence of investors in the market, which can lead to sudden drops in the price of volatile meme coins such as PEPE. Investors should closely monitor PEPE’s price movements and technical indicators. At the time of this writing, the value of PEPE is trading at $0.0000090.
As for Dogwifhat (WIF), another meme coin, DonAlt notes that this altcoin is also in a bearish trend unless it recovers a significant price level. The current situation of WIF, combined with the general uncertainty in the market, requires investors to be more cautious. The recovery in WIF’s price is critical to regaining investors’ confidence. However, if this recovery does not occur, it will be inevitable for WIF to trend downward.
“We’re almost back to the lower range. It still looks pretty bad. “It would look better above $2.77 or below $2.”
Looking at the broader meme coin market, DonAlt believes the market will witness major devaluations based on data from previous cycles.
“If I’m right, the popular meme coins we trade today will be trading down 80%. New meme coins will then emerge, creating new communities. We will have the same discussions a few years later… Why am I saying this? Because we have already experienced this scenario hundreds of times in crypto history. (…) It is repeated in every cycle.”
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