As a seasoned crypto investor with over a decade of experience in this rollercoaster ride, I’ve learned to navigate the market turbulence with a mix of caution and opportunism. Today’s red tide, triggered by the Tether investigation rumors, is not unfamiliar territory for me. In fact, it’s a scene I’ve witnessed numerous times before.
Today, October 26th, 2024, all crypto markets are showing losses, spooked by yesterday’s news about the potential Department of Justice investigation into Tether. Meme coins are particularly struggling compared to their counterparts, but experienced cryptocurrency analyst Miles Deutscher sees some potential opportunities in this situation.
Meme coins WIF, PEPE in Miles Deutscher’s pick today
In the midst of the current downturn in the crypto market, I’ve noticed that certain altcoins appear poised for a resurgence, according to technical analysis trends. Notably, Dogwifhat (WIF) and Pepe (PEPE) are being touted as strong possibilities by cryptocurrency analyst Miles Deutscher, who shared this insight with his 551,000 followers on X.
Many altcoins seem to be strong alternatives today, such as $WIF, $PEPE, $PRIME, and $FTM among others.
I’m focusing on alts that have demonstrated resilience over the recent weeks, now approaching crucial support levels.
Taking a moderate position today, with funds set aside in case of further market volatility.
— Miles Deutscher (@milesdeutscher) October 26, 2024
In his analysis, WIF and PEPE are joined by FTM and PRIME, the essential cryptocurrencies of the Fantom L1 blockchain and Echelon Prime gaming platform respectively. Over a three-day period, these coins seem to be approaching potential breakouts, according to the charts.
In the past 24 hours, the sector of meme coins has experienced a dip. Unlike the general market index that dropped by 2.5%, meme cryptocurrencies have seen a steeper decline of 4%.
Over the past day, the value of PEPE decreased by 6.9%, and similarly, Dogwifhat (WIF) experienced a 7.7% reduction in its market capitalization. It seems that PEPE is approaching the point where it will no longer be included in the top 30 cryptocurrencies ranked by market capitalization.
Today, the most popular meme coins, such as Dogecoin (DOGE) and Shiba Inu (SHIB), let down their community as they experienced a decline: Dogecoin dropped by 2.6%, while Shiba Inu fell by 4.8%.
“Murad’s Memecoins” also in Deutscher’s portfolio
As an analyst, I was taken aback upon reading the Wall Street Journal’s article suggesting U.S. investigations into Tether. This allegation sent shockwaves through the cryptocurrency market, causing its total capitalization to dip dramatically to approximately $2.38 trillion. However, swiftly refuting this claim, the Tether team clarified that the news was unfounded. Regrettably, this brief period of uncertainty led to crypto traders incurring significant losses, with around $400 million being liquidated in the last 24 hours, representing a staggering 82% of long positions.
Among the hardest-hit digital currencies according to the CoinGlass liquidation tracker were Meme coins such as MOODENG, PEPE, and NEIRO. Despite this, Miles Deutscher disclosed that he continues to hold some crypto assets belonging to this category.
Specifically, he referred to SPX and POPCAT, the biggest meme coins as per Murad Memecoin List. These coins were spotlighted by renowned trader and ex-Goldman Sachs analyst Murad Mahmudov during his “Memecoin Super-Cycle” presentation at TOKEN2049 in Singapore, where he showcased the most notable meme coins.
Read More
- EUR ARS PREDICTION
- EUR CAD PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
- EUR MYR PREDICTION
- SAFE PREDICTION. SAFE cryptocurrency
- POL PREDICTION. POL cryptocurrency
- CHR PREDICTION. CHR cryptocurrency
- KSM PREDICTION. KSM cryptocurrency
- USD RUB PREDICTION
2024-10-26 17:03