A popular cryptocurrency trader is sounding the alarm on a memecoin that’s been on a wild ride. He’s warning that Moo Deng (MOODENG), a Solana-based memecoin, might be due for a big drop.
Moo Deng’s Meteoric Rise and Potential Fall
Moo Deng has skyrocketed over 2,000% in just two months, reaching a peak of $0.335 on November 8th. The trader, known as Bluntz, believes the coin’s rapid ascent is unsustainable and predicts a correction is coming.
He uses a technical analysis method called the Elliott Wave theory to support his claim. According to Bluntz, MOODENG’s price action suggests it’s in a corrective pattern, and a pullback is likely before it can continue its upward climb.
Pepe’s Potential to Outperform
While Bluntz is bearish on MOODENG, he’s bullish on another memecoin: Pepe (PEPE). He thinks Pepe has the potential to outperform its Solana-based counterpart, dogwifhat (PEPE/WIF).
Bluntz says Pepe is showing strong momentum against other cryptocurrencies, and he’s betting on it to continue its climb.
Important Note: This information is for educational purposes only and should not be considered investment advice. Always do your own research before investing in cryptocurrencies.
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