Cryptocurrency analyst and dealer Ali Martinez is warning {that a} prime memecoin may 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 12 months.
“Since March 2024, Pepe tends to drop to the decrease assist development line after which it rises to the higher resistance development line. From this stage, Pepe tends to drop again to the decrease assist development line and from right here it rebounds once more. However as we speak, Pepe broke beneath the assist development line. Now a spike in promoting strain may push Pepe right into a 70% worth correction in the direction of $0.00000316.”
A parallel channel means that an asset is buying and selling in an uptrend, printing larger 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 worth 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 time-frame. The MACD is an indicator used to find out development route 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 stage at round $125. Based mostly on Martinez’s chart, it seems he’s suggesting that if the $125 assist stage fails to carry, Solana may plummet to beneath $70.
Solana is buying and selling at $143 at time of writing.
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