A well-known cryptocurrency trader is warning that several large memecoins are showing bearish price patterns.
A trader known by the pseudonym Altcoin Sherpa told his 239,100 followers on social media platform says:
He suggests that while the best memecoins may still witness a rebound over time, they may not outperform the market like they did early last year.
“Large memes don’t look good overall, but I don’t think this is a place for shortcuts. PEPE (daily chart) has maintained much better performance than BONK and WIF (3-day chart), but this is probably due to the SOL/ETH chart (ETH has surpassed SOL in the last beat).
I’m still anxious about how strong it will be later, but keep an eye on it. And by strong, we mean a lead, as it did in the first quarter of 2024. I know this will run/rotate like the others, but will they be the market leader again? Let’s see.”
At the time of writing, PEPE is trading at $0.0000169, down 3.5% in the last 24 hours.
BONK is trading at $0.0000264 at the time of writing, down 2.5% on the day.
WIF is trading at $1.49, down 2.9% over the last 24 hours.
Next, the trader suggests that Dogecoin (DOGE) could break out as it declines near the $0.33 Fibonacci retracement level. Traders use the Fibonacci retracement tool to find potential entry and exit points for an asset based on Fibonacci ratios.
“DOGE: Don’t think much about this. I think we’ll see a sizable move as the alternative markets go, but I’m not sure if it will lead to what we saw in early November. It’s probably a decent purchase. But I will be patient.”
DOGE is trading at $0.33 at the time of this writing, up 1.1% over the last 24 hours.
Lastly, the trader said that Solana (SOL)-based memecoin POPCAT is likely to undergo a steep correction and close to bottoming out the local market.
“POPCAT is down 75% and the bulk node area is not the place to sell. Actually, I’m thinking about buying it. “I still think cats catch up to dogs later.”
POPCAT is trading at $0.55 at the time of this writing, down 2.6% in the last 24 hours.
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