Crypto Analyst Flags Bearish Trends in Top Memecoins but Sees Potential Rebounds

A well-known cryptocurrency analyst has raised concerns about the performance of major memecoins, noting bearish patterns in their price movements.

The trader, known as Altcoin Sherpa, highlighted that tokens like Pepe (PEPE), Bonk (BONK), and dogwifhat (WIF) are showing consistent declines with lower highs and lows on their charts.

He pointed out that while these popular memecoins might still experience periodic rallies, their ability to outperform the broader market, as seen in early 2024, remains uncertain. According to the trader, PEPE has shown more resilience compared to BONK and WIF, potentially due to differences in the performance of Ethereum (ETH) versus Solana (SOL). However, he remains cautious about their long-term strength, questioning whether they will regain their position as market leaders in the future.

On the topic of Dogecoin (DOGE), the trader noted its current consolidation around the $0.33 Fibonacci retracement level. He speculated that DOGE could see significant movement when altcoins begin to rally but expressed uncertainty about whether it will lead the charge as it did in November last year. While he views DOGE as a potentially solid buy, he advises patience for those considering entering the market.

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Finally, the analyst turned his attention to Popcat (POPCAT), a memecoin built on Solana, which has seen a steep 75% drop in value. He suggested that the token might be nearing a local bottom, citing a high-volume trading zone as a sign of stabilization. While cautious, he is considering a buy, predicting that “cats” might catch up to “dogs” in terms of market performance in the future.

Alexander Stefanov