DonAlt, an analyst who accurately predicted a 2023 cryptocurrency market breakout, has issued a bearish prediction for memecoin Pepe and other altcoins.

DonAlt, who has 553,800 followers, said PEPE false-broke through its previous range high of $0.000009959 before sellers pushed the price lower again. According to technical analysis, false breakouts are often seen as bearish signs, indicating that sellers are flooding the market.

He noted, “A break below the previous high suggests it was a false breakout. As long as the lost ground is not recovered, this is a bearish chart. If it can be recovered, it would be very bullish, but it has not happened yet.”

DonAlt’s chart shows that the next key support level for PEPE is around $0.0000065. As of the time of writing, PEPE is trading at $0.0000090, which means that if the previous high cannot be recovered, the price of PEPE could go further lower.

Given the pattern of previous market cycles, the entire memecoin market could depreciate significantly. He predicts that many top memecoins could lose more than 80% of their value.

The Queen also believes that this prediction is based on the historical trends of the cryptocurrency market, in which memecoins often experience short-term surges followed by sharp declines.

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