Cryptocurrency analyst and dealer Ali Martinez is warning {that a} prime memecoin might plunge considerably amid the market downturn.
Martinez tells his 128,900 followers on the social media platform X that Pepe (PEPE) is “about to crash” after breaking down beneath the decrease boundary of a parallel channel it has been buying and selling in for nearly a yr.
“Since March 2024, Pepe tends to drop to the decrease assist pattern line after which it rises to the higher resistance pattern line. From this degree, Pepe tends to drop again to the decrease assist pattern line and from right here it rebounds once more. However at present, Pepe broke beneath the assist pattern line. Now a spike in promoting stress might push Pepe right into a 70% value correction in direction of $0.00000316.”
A parallel channel means that an asset is buying and selling in an uptrend, printing greater highs and better lows. A break beneath the diagonal trendline of the channel signifies that the uptrend has been invalidated.
Pepe is buying and selling at $0.00000769, down 73% from the all-time excessive value of $0.00002803 reached in December of 2024.
Subsequent up is Bitcoin (BTC). Martinez says that the transferring common convergence divergence (MACD) indicator is flashing a bearish sign for Bitcoin within the weekly timeframe. The MACD is an indicator used to find out pattern course and establish modifications in momentum utilizing the variations within the short-term and long-term exponential transferring averages.
“Each time the MACD has a bearish crossover on the weekly chart, Bitcoin has traditionally seen a mean 40% correction. The MACD simply flashed one other bearish crossover!”
Bitcoin is buying and selling at $81,645 at time of writing.
Turning to Solana (SOL), Martinez says that SOL should “defend” the crypto asset’s assist degree at round $125. Based mostly on Martinez’s chart, it seems he’s suggesting that if the $125 assist degree fails to carry, Solana might plummet to beneath $70.
Solana is buying and selling at $143 at time of writing.
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