The post ‘Dead Cat Bounce Coming’ – Crypto Trader Issues Warning on Dogecoin Rival That’s Exploded 7,400%+ in Two Months appeared on BitcoinEthereumNews.com.

A closely followed crypto strategist is warning that one red-hot Dogecoin (DOGE) rival is now in a bearish trend. Pseudonymous analyst Altcoin Sherpa tells his 202,700 followers on the social media platform X that Bonk (BONK) may print a dead cat bounce price pattern, a term used in finance to describe a small, brief recovery in the price of a declining asset. “BONK: some sort of dead cat bounce coming I think. When this happens, I’m guessing other SOL memes have some sort of mini run as well; those will be good times to get out of your bags during that time. I do believe that BONK will have another strong run but it could take a bit and will need more time for accumulation to build a base. Eyeing this one for now.” Source: Altcoin Sherpa/X Looking at his chart, the trader suggests that Bonk will dip below the $0.00000989 level, bounce to around $0.0000170 and then dip again back below the $0.00000989 level. The trader suggests that other meme coins will follow Bonk’s trend. He also suggests that Bonk will likely have a bullish reversal sometime next year. “BONK: a bit more on this one that I should have highlighted on the last post: this one will eventually hit a +50% (or more) move. I don’t know where or when this will happen, but usually these types of coins will have some sort of lower high. See PEPE earlier this year… This probably will be a good time to get out of BONK plus some of the other Solana meme coins. When BONK has a dead cat bounce, the others will inevitably follow but ultimately be lower highs. Hold at your own peril. Will this have a huge run in 2024? Probably. But I think it needs time…

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Filed under: News - @ December 28, 2023 7:26 pm