‘It’s Over for Memecoins’: Trader Who Nailed 2022 Crypto Bottom Turns Bearish on dogwifhat and Pepe – Here’s Why

A trader known for making accurate crypto calls is suddenly turning bearish on memecoins.

Pseudonymous analyst DonAlt tells his 550,400 followers on the social media platform X that memecoin projects could suddenly collapse.

“I’m personally convinced it’s over for memes, rest of the market might get out of this ok but I’m expecting memes to giga rug (gigantic rug pull). Good luck if your portfolio is in the 10th iteration of a dog or a cat.”

Zeroing in on specific memecoins, the analyst warns that Pepe (PEPE) could plummet to a range low if it fails to hold as support the $0.00000998 level on the daily chart.

“PEPE: decent breakout, technically bullish as long as it holds. If it fails and breaks back in the range, I’ll be shorting it targeting range lows. Prefer WIF but might spread my bets.”

Image
Source: DonAlt/X

Pepe is trading for $0.00001004 at time of writing, down 4.5% in the last 24 hours.

The analyst also says memecoin dogwifhat (WIF) could plummet to around the range low of $2.23 if it fails to flip into support the range high of $3.15.

“WIF: actively looking to short the range high. Target somewhere below the range low. Wrong if the range is broken properly.”

Image
Source: DonAlt/X

WIF is trading for $2.83, down 7.6% in the last 24 hours.

The analyst also lists several of his reasons for being bearish on memecoins.

“Reasons for why I’m bearish memes:

  • There are infinite memes already.
  • Every day there are thousands more.
  • Bunch of people bought into the GME-meme rotation narrative (which is beyond retarded in my opinion).
  • Charts don’t look so good across the board.
  • Sentiment is heavily skewed bull.”

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney



Source Link

Related Article

0 Comments

Leave a Comment