Cryptocurrency analyst and trader Ali Martinez is warning that a top memecoin could plunge significantly amid the market downturn.<\/p>\n
Martinez tells<\/a> his 128,900 followers on the social media platform X that Pepe (PEPE<\/a>) is \u201cabout to crash\u201d after breaking down below the lower boundary of a parallel channel it has been trading in for almost a year.<\/p>\n \u201cSince March 2024, Pepe tends to drop to the lower support trend line and then it rises to the upper resistance trend line. From this level, Pepe tends to drop back to the lower support trend line and from here it rebounds again. But today, Pepe broke below the support trend line. Now a spike in selling pressure could push Pepe into a 70% price correction towards $0.00000316.\u201d<\/em><\/p>\n A parallel channel suggests that an asset is trading in an uptrend, printing higher highs and higher lows. A break below the diagonal trendline of the channel indicates that the uptrend has been invalidated.<\/p>\n Pepe is trading at $0.00000769, down 73% from the all-time high price of $0.00002803 reached in December of 2024.<\/p>\n Next up is Bitcoin (BTC<\/a>). Martinez says<\/a> that the moving average convergence divergence (MACD) indicator is flashing a bearish signal for Bitcoin in the weekly time frame. The MACD is an indicator used to determine trend direction and identify changes in momentum using the differences in the short-term and long-term exponential moving averages.<\/p>\n \u201cEvery time the MACD has a bearish crossover on the weekly chart, Bitcoin has historically seen an average 40% correction. The MACD just flashed another bearish crossover!\u201d<\/em><\/p>\n Bitcoin is trading at $81,645 at time of writing.<\/p>\n Turning to Solana (SOL<\/a>), Martinez says<\/a> that SOL must \u201cdefend\u201d the crypto asset\u2019s support level at around $125. Based on Martinez\u2019s chart, it appears he is suggesting that if the $125 support level fails to hold, Solana could plummet to below $70.<\/p>\n Solana is trading at $143 at time of writing.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: Midjourney<\/span><\/em><\/p>\n<\/p><\/div>\n
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<\/center><\/p>\nDisclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n
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