The cryptocurrency market is waiting for a breakout amidst the silence. Leading cryptocurrency Bitcoin exceeded $68 thousand and made this move. Altcoins, on the other hand, have a relatively more stagnant appearance. However, some meme coins are moving in the green zone. However, there are some signs that the meme coin trend will reverse. A widely-followed crypto analyst says PEPE and WIF are headed for bottoms.
Analyst expects a decline for PEPE!
cryptokoin.comAs you can see from , there is a boring silence in the market. Analysts predict that this silence will break in one direction. However, there is no consensus on direction. Popular analyst X, nicknamed DonAlt, shared his latest predictions to his 553,800 followers on the social media platform. The analyst says that PEPE appeared to have made a false breakout to its all-time high before the sellers dragged the price below the $0.000009959 level. In technical analysis, a false breakout is often considered a bearish sign. It also signals that sellers are suppressing demand. In this context, the analyst makes the following comment:
PEPE fell below previous highs. For now this looks like a false break. Unless it is pulled back, this is a bearish chart. That would be pretty bullish if it were rolled back, but only then is it valid.
According to his chart, the analyst sees the next support level for PEPE at $0.0000065. Meanwhile, at the time of writing, PEPE was trading at $0.000009353, up 4.47% on a daily basis. Meme coin saw a significant increase of 64.7% on its monthly chart.
DonAlt: WIF is still in very bad shape!
Another meme coin on the analyst’s bearish radar is dogwifhat (WIF). DonAlt says the altcoin is in a downtrend unless it recovers a significant price level. In this regard, DonAlt said, “It has almost returned to the low range. It’s still in very bad shape. “It will look better above $2.77 or below $2.” says.
Meanwhile, at the time of writing, WIF was trading at $2.74, up 8.7% on a daily basis. Below $2, which the analyst points out, means a decline of approximately 30% for WIF.
“Popular meme coin projects will see more than 80% decline!”
DonAlt is also looking at the broader meme coin market. The analyst believes that coins in the altcoin sector will witness major devaluations based on data from previous cycles. In this context, the analyst shares the following assessment:
If I’m right, the popular meme coins we trade today will trade 80%+ lower. Then new meme coins will emerge, creating new communities. These will rise. And in a few years we will have the same discussions… Why am I saying this? Because we have experienced this scenario hundreds of times in crypto history. If meme coins aren’t at their peak, they will be eventually. And then you’ll nuke 90% of them all, even the most ‘blue chip’ memes in existence (lol). This is repeated every cycle.
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