A prominent cryptocurrency trader, known as Altcoin Sherpa, is cautioning investors about the potential bearish signals seen in several large-cap memecoins. Altcoin Sherpa, with a significant following of 239,100 on X, highlighted that coins like Pepe (PEPE), Bonk (BONK), and dogwifhat (WIF) are displaying lower highs and lower lows on their price charts.
While Altcoin Sherpa acknowledges that these memecoins may experience rallies in the future, he believes they may not outperform the market as they did in early 2024. He specifically mentioned that Pepe has held up better than Bonk and WIF due to the performance of ETH against SOL recently. Altcoin Sherpa emphasized that while these coins may have their time in the spotlight, it remains to be seen if they will lead the market like they did in the first quarter of 2024.
At the time of writing, PEPE is trading at $0.0000169, down 3.5% in the last 24 hours, while BONK is priced at $0.0000264, down 2.5%, and WIF is trading at $1.49, down 2.9% in the same timeframe. Altcoin Sherpa also mentioned Dogecoin (DOGE), suggesting that it could break out as it hovers around the $0.33 Fibonacci retracement level, indicating a potential move for traders to consider.
DOGE is currently trading at $0.33, up 1.1% in the last 24 hours. Altcoin Sherpa also shared insights on Popcat (POPCAT), a Solana-based memecoin, stating that it may be nearing a local market bottom following a significant correction. POPCAT is priced at $0.55 at the time of writing, showing a 2.6% decrease in the last 24 hours.
In conclusion, Altcoin Sherpa’s analysis provides valuable insights for cryptocurrency traders, highlighting potential trends and opportunities in the market. As always, it is essential for investors to conduct their research and make informed decisions when navigating the volatile cryptocurrency landscape. Stay updated with the latest market trends by subscribing to receive email alerts and following The Daily Hodl on social media platforms like X, Facebook, and Telegram.