The post Popular Meme Coins Can See Up to 80% Correction, Analyst Predicts appeared on BitcoinEthereumNews.com.

Coinspeaker Popular Meme Coins Can See Up to 80% Correction, Analyst Predicts So far this year in 2024, meme coins have enjoyed a strong run-up in comparison to other crypto market sectors. Even when the Bitcoin and altcoin market rally paused since April, the meme coin rally has continued backed by the recent catalyst provided by meme stocks like GameStop Corp (NYSE: GME) and AMC. However, as per some of the market analysts, the meme coin party could be ending very soon. This is especially true for meme coins like Pepe (PEPE) which have given multi-fold returns in a very short period of time. A crypto analyst who navigated the 2023 cryptocurrency surge anticipates a downturn for meme coin PEPE. Pseudonymous analyst DonAlt, addressing his 553,800 followers on the social media platform X, suggests that PEPE might be poised for a significant decline. He observes that PEPE recently experienced a false breakout to new all-time highs before descending below its range high of $0.000009959. In technical analysis, such a false breakout typically indicates a bearish trend, indicating that sellers are surpassing demand. The market analyst added: “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.” As of press time, PEPE is trading 2.14% up at a price of $0.000009359 with a market cap of $3.94 billion. It is currently the third-largest meme coin after Dogecoin (DOGE) and Shiba Inu (SHIB). Meme Coin Dogwifhat (WIF) Flashes Bearish Signal Another meme coin that DonAlt is currently bearish on is Dogwifhat (WIF). Regarding the meme coin WIF, DonAlt suggests the altcoin remains bearish unless it manages to reclaim a crucial price level. “Approaching the range low once more. Still exhibiting…

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Filed under: News - @ May 21, 2024 3:16 am