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

An experienced cryptocurrency trader is cautioning that several major memecoins are displaying bearish price patterns.

Altcoin Sherpa, a trader known by a pseudonym, shared with his 239,100 followers on X that memecoins like Pepe (PEPE), Bonk (BONK), and dogwifhat (WIF) are showing lower highs and lower lows on their price charts.

While he believes that these top memecoins may experience rallies in the future, he suggests that they may not outperform the market as they did previously.

“Big-cap memes are not looking very promising overall, but I don’t recommend shorting them at this point. PEPE [on the daily chart] has shown more resilience compared to BONK and WIF [on the three-day charts], possibly due to the SOL/ETH chart dynamics.

I remain cautious about their future strength, but it’s worth keeping an eye on them. Will they lead the market again like they did in Q1 2024? Time will tell.”

PEPE is currently trading at $0.0000169, reflecting a 3.5% decrease in the last 24 hours.

BONK is priced at $0.0000264 at the moment, down 2.5% for the day.

WIF is currently trading at $1.49, showing a 2.9% decrease in the last 24 hours.

Next, Altcoin Sherpa suggests that Dogecoin (DOGE) might experience a breakout as it hovers around the $0.33 Fibonacci retracement level, a tool used by traders to identify potential entry and exit points based on the Fibonacci ratio.

“DOGE: I expect a significant move when altcoins rally, but I’m unsure if it will lead the way like it did in early November. It could be a good buy, but patience is key.”

DOGE is trading at $0.33 currently, showing a 1.1% increase in the last 24 hours.

Finally, Altcoin Sherpa mentions that Popcat (POPCAT), a memecoin based on Solana (SOL), may be close to establishing a local market bottom after a sharp correction.

“POPCAT has dropped by 75% and is in a high volume region, not a good time to short it. I am considering buying it. I believe cats will catch up to dogs eventually.”