A closely followed crypto strategist is warning that one red-hot Dogecoin (DOGE) rival is now in a bearish trend.
Pseudonymous analyst Altcoin Sherpa tells his 202,700 followers on the social media platform X that Bonk (BONK) may print a dead cat bounce price pattern, a term used in finance to describe a small, brief recovery in the price of a declining asset.
“BONK: some sort of dead cat bounce coming I think. When this happens, I’m guessing other SOL memes have some sort of mini run as well; those will be good times to get out of your bags during that time. I do believe that BONK will have another strong run but it could take a bit and will need more time for accumulation to build a base. Eyeing this one for now.”
Source: Altcoin Sherpa/X
Looking at his chart, the trader suggests that Bonk will dip below the $0.00000989 level, bounce to around $0.0000170 and then dip again back below the $0.00000989 level.
The trader suggests that other meme coins will follow Bonk’s trend. He
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