Pepe

NEXT GEN PEPE

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 An analyst who rode the 2023 crypto breakout thinks that memecoin Pepe (PEPE) is headed to much lower levels.
 Pseudonymous analyst DonAlt tells his 553,800 followers on the social media platform X that PEPE appears to have made a false breakout to new all-time highs before sellers pushed the price below its range high of $0.000009959.
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 In technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, a false breakout is often seen as a bearish sign, suggesting that sellers are overwhelming demand.
 Says DonAlt,
 “Fell below the previous highs. For now, that looks like a false breakout. As long as that’s not reclaimed, that’s a bearish chart. If reclaimed, that’d be quite bullish but only then.”&nbsp;
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GN7I0MsXEAA_ymK?format=jpg&amp;name=4096x4096" alt="Image" width="3670" height="1766">
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 Source: DonAlt/X
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 Based on the trader’s chart, the next support level for PEPE appears to be at $0.0000065. At time of writing, PEPE is worth $0.0000090.
 As for fellow memecoin dogwifhat (WIF), DonAlt says the altcoin is bearish unless it recovers a key price level.
 “Almost back to range low. Looks very bad still. Would look better above $2.77 or below $2.”&nbsp;
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GN3rnObWIAI_8qH?format=jpg&amp;name=4096x4096" alt="Image" width="3670" height="1766">
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 Source: DonAlt/X
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 At time of writing, WIF is trading at $2.68.
 Looking at the broader memecoin market, DonAlt believes that <a rel="noopener noreferrer nofollow" title="coins" href="https://thebittimes.com/tag/coins.html">coins</a> in the altcoin sector will witness massive devaluations based on data from previous cycles.
 “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…
 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.”
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/top-analyst-flips-bearish-on-pepe-pepe-warns-popular-memecoins-will-witness-over-80-correction-tbt88922.html">https://thebittimes.com/top-analyst-flips-bearish-on-pepe-pepe-warns-popular-memecoins-will-witness-over-80-correction-tbt88922.html</a>

Top Analyst Flips Bearish on Pepe (PEPE), Warns Popular Memecoins Will Witness Over 80% Correction

TheBitTimes

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