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Known as DonAlt, the analyst who accurately predicted the major upward breakout in the cryptocurrency market in 2023, has made a notable bearish prediction for Pepe (PEPE). The analyst also issued a warning for dogwifhat (WIF).
Warns of Bearish Outlook for PEPE
Addressing his followers on the social media platform X, DonAlt suggested that PEPE made a fake breakout by reaching an all-time high (ATH) before sellers pushed the price below $0.000009959. In technical analysis, a fake breakout typically indicates a significant drop and suggests that selling pressure is suppressing demand.
The analyst continued by emphasizing that PEPE’s drop below its ATH indicates a fake breakout and that the altcoin’s chart will remain bearish unless it surpasses its ATH. According to DonAlt, if the popular altcoin exceeds its ATH, the bearish trend may turn into a bullish one.
According to DonAlt’s analysis, the next critical support level for PEPE is at $0.0000065, and the price must not fall below this level to avoid strengthening selling pressure.
Highlights Bearish Trend for WIF
DonAlt also commented on another popular memecoin, dogwifhat’s WIF, stating that it will remain in a bearish trend unless it surpasses a significant price level. He noted that WIF has almost returned to its recent low range and would look better above $2.77 or below $2. Currently, WIF is trading at $2.68.
On the other hand, the analyst expects significant devaluations for altcoins in the memecoin market based on historical data from previous cycles. DonAlt added that many of today’s highly popular memecoins will lose more than 80% of their value. According to him, new memecoins will emerge, form new communities, and experience significant price increases, but the same devaluation cycle will continue to be followed.
DonAlt’s prediction is based on historical patterns observed in the cryptocurrency market. The analyst noted that this scenario has played out multiple times in cryptocurrency history. Although the current memecoin peak has not yet been reached, it will eventually be reached, and even the most reputable memecoins will face a 90% drop in value.
