The post Popular Analyst Says Altcoin Market is Weakening, says PEPE is a Sign appeared first on Coinpedia Fintech News
Popular crypto analyst Nicholas Merten has made a prediction about the altcoin market. According to Merten’s recent DataDash update, he anticipates a significant decline in the altcoin market cap, primarily influenced by the plummeting value of memecoin Pepe (PEPE).
Merten highlights that the current state of the altcoin market lacks any significant catalyst to attract increased liquidity. To support his prediction about the ongoing decline in altcoin market liquidity, Merten dives into the recent price movements of three layer-2 scaling solution projects: Optimism (OP), Arbitrum (ARB), and Polygon (MATIC).
By analyzing the price action of these projects, Merten says that there is a continued drain of liquidity from the altcoin market. Merten also says that Pepe is a telltale sign that the altcoin market is weakening.
“And if Pepe wasn’t the sign here for you guys. I don’t know what is. If the only thing that is getting people excited in this period of time is a memecoin, which has been dumping here over the past couple of days. This is just abysmal for the industry. Speculation does not do well in contractionary environments,” he added.
In contrast to Merten’s perspective, crypto analyst Michael van de Poppe holds a different view, especially with the upcoming Bitcoin halving event. Van de Poppe believes that now is the right time to accumulate alternative coins or altcoins.
According to his analysis, the Bitcoin halving can potentially lead to increased liquidity flow into altcoins as investors seek opportunities beyond the dominant cryptocurrencies.
He wrote, “For altcoins, the time to accumulate them has come. One year before the halving -> time to buy those positions. Reached an important level here, which is also approx. 1 year before the halving.”
- Mobile app
- Telegram Channel
- Telegram Group
- Binance Referral Link
- Bitmex Referral Link
- (Recommended For Leverage) ByBit Referral Link
- Buy Ledger Nano at discounted price
- Buy Cool Wallets at discounted price
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks