Trader Says Large-Cap Memecoins ‘Don’t Look Great,’ Updates Forecast on Dogecoin (DOGE) and POPCAT

A broadly adopted cryptocurrency dealer warns that a number of large-cap memecoins are printing bearish value patterns.

The dealer pseudonym often called Altcoin Sherpa tells His 239,100 followers on the social media platform

He means that the highest memecoins may nonetheless see rallies over time, however they could not outperform the market as they did early final yr.

“Large cap memes typically do not look nice, however this is not the place to go quick for my part. PEPE [on the daily chart] has held up significantly better than BONK and WIF [on the three-day charts] however that is most likely extra as a result of SOL/ETH chart (ETH has outperformed SOL within the final stretch).

Nonetheless frightened about how robust these can be later, however eyes are on them. And by robust I imply forward like they did within the first quarter of 2024. I do know these could have their run/rotation like the whole lot else, however will they change into the market leaders once more? Let’s have a look at.”

PEPE is buying and selling at $0.0000169 on the time of writing, down 3.5% within the final 24 hours.

BONK is buying and selling at $0.0000264 on the time of writing, down 2.5% on the day.

WIF is buying and selling at $1.49, down 2.9% within the final 24 hours.

Then the dealer suggests that Dogecoin (DOGE) may escape because it chops across the $0.33 Fibonacci retracement stage. Merchants use the Fibonacci retracement software to find potential entry and exit factors for an asset primarily based on the Fibonacci ratio.

“DOGE: Not too many ideas on this, suppose it is going to make fairly a transfer because the alts go, however I am unsure it is going to take a number one function as we noticed in early November. Most likely an incredible buy, however I would must be affected person.’

DOGE is buying and selling at $0.33 on the time of writing, up 1.1% within the final 24 hours.

Lastly, the dealer say Popcat (POPCAT), the Solana (SOL)-based memecoin, may very well be near bottoming within the native market after a steep correction.

“POPCAT is down 75% and in a excessive quantity hub area this isn’t the place to be shorting. I am truly interested by shopping for it. Nonetheless suppose cats will meet up with canines later.

POPCAT is buying and selling at $0.55 on the time of writing, down 2.6% within the final 24 hours.

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Generated picture: Midjourney