2 Cryptocurrencies to Avoid Trading Next Week!
These two currencies will cause you to lose more than half of your assets next week!
Meme coins have surged so far this year, dominating much of the cryptocurrency market’s performance in 2024. However, results have cooled over the past week, with the cryptocurrency facing a major pullback that threatens further losses.
From March 18 to March 19, more than $230 billion was lost in one day. The overall sentiment has shifted sharply from extremely bullish to slightly bearish, which could put an end to the meme coin hype.
PEPE
Pepe (PEPE) is up over 500% in the past 30 days, rising from $0.000000115 on February 22.
Now, PEPE is losing steam and is back to a relative strength index (RSI) of 55, similar to a month ago. The bearish divergence appears to be intensifying on the daily chart, with prices still trading at elevated levels, although the intensity has diminished.
Currently, PEPE has a market cap of over $3 billion and has no solid use case other than price speculation and serving as a meme. Price support is at $0.000005927, but there is no other meaningful support between $0.000000115, which represents a 98% decline.
Dovihart (WIF)
Second, Dogwifhat (WIF) performed even better, attracting retail investors to the Solana (SOL) blockchain. WIF is up nearly 600% in 30 days while testing support around $2.0 per token.
As with PEPE, dogwifhat investors may eventually decide to cash in some of their massive profits, which could cause a liquidity shock. Losing the current zone could push the price to monthly lows of $0.29, a plunge of 86%.
The most dangerous aspect of trading memecoins is that without further use cases, prices can fall into a death spiral once the hype wears off
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