Analyst DonAlt foresees a major decline and issued a caution for PEPE and WIF, two of the major meme coins. With the whole crypto market in bearish mode, this statement regarding these meme coins has created stress among investors.
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PEPE and WIF
DonAlt, a well-known analyst recognized for accurately predicting the major upward breakout in the cryptocurrency market in 2023, has made a notable bearish prediction for Pepe (PEPE). Additionally, he has issued a warning regarding dogwifhat (WIF).
Addressing his followers on the social media platform X, DonAlt suggested that PEPE experienced a fake breakout when it reached an all-time high (ATH) before sellers pushed the price below $0.000009959. In technical analysis, a fake breakout typically signals a significant drop, indicating that selling pressure is suppressing demand.
DonAlt emphasized that PEPE’s fall below its ATH points to a fake breakout and that the altcoin’s chart will remain bearish unless it surpasses its ATH. According to him, if PEPE exceeds its ATH, the bearish trend may shift to a bullish one. He also identified the next critical support level for PEPE at $0.0000065, warning that the price must not fall below this level to avoid increasing selling pressure.
https://coinmarketcap.com/currencies/pepe/
Bearish Trend for WIF
DonAlt also commented on another popular memecoin, dogwifhat’s WIF, stating that it will remain in a bearish trend unless it surpasses a significant price level. He noted that WIF has almost returned to its recent low range and would appear more favorable above $2.77 or below $2. Currently, WIF is trading at $2.68.
https://coinmarketcap.com/currencies/dogwifhat/
Bullish New Memecoins
The analyst expects significant devaluations for altcoins in the memecoin market based on historical data from previous cycles. He added that many of today’s highly popular memecoins will lose more than 80% of their value. According to him, new memecoins will emerge, form new communities, and experience significant price increases, but the same devaluation cycle will continue.
DonAlt’s predictions are grounded in historical patterns observed in the cryptocurrency market. He noted that this scenario has played out multiple times in cryptocurrency history. Although the current memecoin peak has not yet been reached, it will eventually come, and even the most reputable memecoins will face a 90% drop in value.
Conclusion
To conclude, DonAlt’s bearish predictions for PEPE and WIF have heightened investor concerns amid an already bearish crypto market. His insights, grounded in historical trends, suggest that while new memecoins may rise and thrive, existing ones could face substantial devaluations, underscoring the volatile nature of the cryptocurrency market.
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