A broadly adopted cryptocurrency dealer is warning that a number of large-cap memecoins are printing bearish worth patterns.
The dealer pseudonymously generally known as Altcoin Sherpa tells his 239,100 followers on the social media platform X that memecoins like Pepe (PEPE), Bonk (BONK) and dogwifhat (WIF) are printing decrease highs and decrease lows on their worth charts.
He means that high memecoins should still witness rallies over time, however they might not outperform the market like they did early final 12 months.
“Large-cap memes don’t look nice general, however this isn’t the place to be shorting in my view. PEPE [on the daily chart] has held up a lot better than BONK and WIF [on the three-day charts] however that’s in all probability extra because of the SOL/ETH chart (ETH has outperformed SOL the final bit).
Nonetheless apprehensive about how robust these can be later, however eyes on them. And by robust I imply lead like they did in Q1 2024. I do know these are going to have their run/rotation similar to the rest, however will they be the market leaders once more? Let’s see.”
PEPE is buying and selling for $0.0000169 at time of writing, down 3.5% within the final 24 hours.
BONK is buying and selling for $0.0000264 at time of writing, down 2.5% on the day.
WIF is buying and selling for $1.49, down 2.9% within the final 24 hours.
Subsequent up, the dealer suggests that Dogecoin (DOGE) could escape because it chops across the $0.33 Fibonacci retracement degree. Merchants use the Fibonacci retracement instrument to identify potential entry and exit factors for an asset primarily based on the Fibonacci ratio.
“DOGE: not too many ideas on this, suppose that it’s going to make a decent-sized transfer when alts go however undecided if it’s going to steer like we noticed in early November. In all probability a wonderful purchase, however could be affected person.”
DOGE is buying and selling for $0.33 at time of writing, up 1.1% within the final 24 hours.
Lastly, the dealer says Popcat (POPCAT), the Solana (SOL)-based memecoin, could also be near carving an area market backside after a steep correction.
“POPCAT has fallen 75% and in a excessive quantity node area, this isn’t the place to be shorting. I’m truly excited about shopping for it. Nonetheless suppose cats do some catch-up to canines later.”
POPCAT is buying and selling for $0.55 at time of writing, down 2.6% within the final 24 hours.
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