Analyst Warns About Meme Coins

Analyst Issues Warnings About Meme Coins

An analyst known for accurate market predictions has re-emerged, expressing concern about the future of meme coins.

Analyst's Comments on Meme Coins

DonAlt, the analyst, took to social media to issue a stark warning, suggesting that meme coin projects could face a sudden collapse.

"I am personally convinced that everything is over for meme coins; the rest of the market might recover, but I expect meme coins to experience a giga rug pull. If your portfolio includes the 10th iteration of a dog or cat, good luck."

The analyst specifically targeted Pepe (PEPE), predicting a potential drop if it fails to maintain support at the $0.00000998 level.

"PEPE: A good breakout, technically bullish as long as it holds. If it fails and returns to the range, I will short it targeting the lower levels of the range. I prefer WIF, but I might spread my bets."

Pepe is currently trading at $0.000010016, having gained 0.5% in the past 24 hours.

Similarly, dogwifhat (WIF) could face a decline if it fails to turn the $3.15 high into support, according to the analyst.

"WIF: Actively wants to short the high range. Target a place below the low range. If the range breaks properly, it's wrong."

WIF is currently trading at $2.83, down 1.24% from the previous day.

Reasons for Analyst's Bearish Stance

The analyst listed several reasons for his bearish outlook on meme coins:

• Proliferation of meme coins
• Continuous launch of new projects
• Belief in the GME-meme rotation narrative
• Unfavorable chart patterns
• Shift in sentiment towards bullishness

Original Source: COINTURK NEWS: Analyst Warns About Meme Coins