‘Dead Cat Bounce Coming’ – Crypto Trader Issues Warning on Dogecoin Rival That’s Exploded 7,400%+ in Two Months
A intently adopted crypto strategist is warning that one red-hot Dogecoin (DOGE) rival is now in a bearish development.
Pseudonymous analyst Altcoin Sherpa tells his 202,700 followers on the social media platform X that Bonk (BONK) might print a useless cat bounce worth sample, a time period utilized in finance to explain a small, temporary restoration within the worth of a declining asset.
“BONK: some kind of useless cat bounce coming I feel. When this occurs, I’m guessing different SOL memes have some kind of mini run as nicely; these shall be good instances to get out of your baggage throughout that point. I do imagine that BONK can have one other sturdy run nevertheless it may take a bit and can want extra time for accumulation to construct a base. Eyeing this one for now.”
Taking a look at his chart, the dealer means that Bonk will dip beneath the $0.00000989 stage, bounce to round $0.0000170 after which dip once more again beneath the $0.00000989 stage.
The dealer suggests that different meme cash will comply with Bonk’s development. He additionally means that Bonk will seemingly have a bullish reversal someday subsequent yr.
“BONK: a bit extra on this one which I ought to have highlighted on the final submit: this one will ultimately hit a +50% (or extra) transfer. I don’t know the place or when this may occur, however often a lot of these cash can have some kind of decrease excessive. See PEPE earlier this yr…
This in all probability shall be a superb time to get out of BONK plus among the different Solana meme cash. When BONK has a useless cat bounce, the others will inevitably comply with however finally be decrease highs. Maintain at your individual peril. Will this have an enormous run in 2024? In all probability. However I feel it wants time to chill. Keep in mind, we’re taking part in the eye sport, and that is all primarily based on total rotations and which coin is on everybody’s thoughts (for now).”
Bonk is buying and selling for $0.0000137 at time of writing, a acquire of seven,427% since a earlier run-up on October nineteenth at $0.000000182.
The dealer additionally weighs in on Ethereum and predicts ETH will quickly cross the important thing $3,000 stage.
“ETH free commerce to $3,000 underway.”
Ethereum is buying and selling for $2,373 at time of writing, up barely within the final 24 hours.
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