Cryptocurrency trader Altcoin Sherpa has issued a cautionary warning to his large following on X about the potential bearish price patterns emerging in several popular memecoins. According to Altcoin Sherpa, memecoins like Pepe (PEPE), Bonk (BONK), and dogwifhat (WIF) are showing signs of lower highs and lower lows on their price charts.
While Altcoin Sherpa acknowledges that these top memecoins may still experience rallies in the future, he suggests that they may not outperform the market as they did in early 2024. He points out that PEPE has held up better than BONK and WIF, attributing this to the performance of ETH compared to SOL in recent times.
At the time of writing, PEPE is trading at $0.0000169, down 3.5% in the last 24 hours, while BONK is trading at $0.0000264, down 2.5%, and WIF is trading at $1.49, down 2.9%.
Altcoin Sherpa also mentions Dogecoin (DOGE) as a potential breakout candidate, particularly as it hovers around the $0.33 Fibonacci retracement level. He believes that DOGE could make a significant move when altcoins rally, although he is unsure if it will lead as it did earlier in the year. DOGE is currently priced at $0.33, up 1.1% in the last 24 hours.
Lastly, Altcoin Sherpa discusses Popcat (POPCAT), a Solana-based memecoin that has recently undergone a sharp correction. He suggests that POPCAT may be nearing a local market bottom after a 75% decline and considers buying it at this level. POPCAT is trading at $0.55, down 2.6% in the last 24 hours.
In conclusion, Altcoin Sherpa’s analysis provides valuable insights for cryptocurrency traders looking to navigate the current market conditions. It is essential to stay informed and monitor these memecoins closely for potential trading opportunities. Subscribe to receive email alerts and follow Altcoin Sherpa on X for the latest updates on cryptocurrency price action.