Pro Crypto Analyst Predicts Significant Decline for Memecoin PEPE and Other Altcoins

Pro Crypto Analyst Predicts Significant Decline for Memecoin PEPE and Other Altcoins

A leading analyst, DonAlt, renowned for accurately predicting the 2023 Crypto Breakout, has issued a bearish forecast for the memecoin PEPE and other altcoins. In a recent analysis shared on social media platform X, DonAlt cautioned that PEPE could experience a substantial decline following a false breakout to new all-time highs (ATHs).

False Breakout Signals Bearish Trend for PEPE

DonAlt, with 553,800 followers on X, observed that PEPE had executed a false breakout above its previous range high of $0.000009959 before sellers intervened and pushed the price back down. In technical analysis, a false breakout is considered a bearish indicator, suggesting that sellers are overwhelming the market.

"Fell below the previous highs. For now, that looks like a fake breakout. As long as that's not reclaimed, that's a bearish chart. If reclaimed, that'd be quite bullish but only then," DonAlt asserted.

DonAlt's chart indicates that the next crucial support level for PEPE is around $0.0000065. At the time of writing, PEPE is trading at $0.0000090, suggesting that it may continue to decline if the previous highs are not regained.

Bearish Outlook for Dogwifhat and the Broader Memecoin Market

DonAlt also shared his pessimistic outlook for another memecoin, Dogwifhat, expressing that WIF appears weak unless it can recover the critical price level. "Almost back to range low. Looks very bad still. Would look better above $2.77 or below $2," he commented. Currently, WIF is trading at $2.68, with prices barely holding up at their range low.

DonAlt anticipates that the entire memecoin market is susceptible to significant devaluations, based on historical patterns observed in previous market cycles. He predicts that several top memecoins could lose over 80% of their value.

"If I'm right, the popular memes we trade today will trade 80%+ lower. Then you'll have new memes come up that build new communities that run up. And we'll have the same discussions in a couple of years," he explained.

DonAlt's prediction stems from previous cryptocurrency market trends, where memecoins have often experienced rapid surges, followed by steep declines. "Why am I saying that? Because we've gone through this exact scenario a hundred times in crypto history already. If the meme top isn't in, it will be eventually. And then you'll get a 90% nuke on all of them, even the most 'blue chip' memes (lol) that exist. It repeats every cycle," DonAlt added.