DonAlt predicts a significant drop for PEPE, stating that WIF remains bearish unless it surpasses a key price level, and warns that memecoins may lose over 80% of their value.
The analyst DonAlt, who correctly predicted the major upward breakout in the cryptocurrency market in 2023, has made a bearish prediction for Pepe (PEPE). He also issued a warning about dogwifhat (WIF).
DonAlt’s Bearish Prediction for PEPE
Addressing his followers on the social media platform X, analyst DonAlt suggested that PEPE experienced a fake breakout by reaching an all-time high (ATH) before sellers pushed the price below $0.000009959. In technical analysis, a fake breakout typically indicates a significant drop and suggests that selling pressure is suppressing demand.
The analyst emphasized that PEPE’s drop below its ATH indicates a fake breakout, maintaining a bearish outlook unless the altcoin surpasses its ATH. According to DonAlt, if the popular altcoin exceeds its ATH, the bearish trend may turn into a bullish one.
DonAlt’s analysis points out that the next critical support level for PEPE is at $0.0000065. He cautions that the price must not fall below this level to avoid strengthening selling pressure.
DonAlt’s Bearish Outlook on Memecoins
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 look better above $2.77 or below $2. Currently, WIF is trading at $2.68.
The analyst expects significant devaluations for altcoins in the memecoin market based on historical data from previous cycles. DonAlt 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 prediction is based on 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 be reached, and even the most reputable memecoins will face a 90% drop in value.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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