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Top Analyst Turns Bearish on Pepe (PEPE), Warns of Over 80% Pullback for Popular Memecoins
An analyst who saw the 2023 crypto breakout in action believes memecoin Pepe ( PEPE ) will fall even lower.
Pseudonymous analyst DonAlt told his 553,800 followers on social media platform X that PEPE appears to have falsely broken out to a new all-time high before sellers pushed the price below the range high of $0.000009959.
In technical analysis, false breakouts are often viewed as bearish signals, indicating overwhelming demand from sellers.
DonAlt said,
“Breaking down the previous high. For now, it looks like a false breakout. As long as it doesn’t reclaim, this is a bearish chart. If it reclaims, it will be pretty bullish, but only so far.”
As for Memecoin Dogwifhat ( WIF ), DonAlt said the altcoin is bearish unless it recovers to a key price level.
“Almost back to the low. Still looks bad. Above $2.77 or below $2 would look better.”
“If I’m right, the popular memes we trade today will be trading at over 80% lower. Then you’ll have new memes emerging, and thus new communities. We’ll be having the same discussion in a few years…
Why do I say that? Because we’ve been through this scenario a hundred times in the history of cryptocurrencies. If the meme top doesn’t come, it will eventually. Then you’ll get 90% nukes on all of them, even the most “blue chip” memes in existence (laughs). Every cycle repeats.”
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