Trader Turns Bearish on Solana-Based Memecoin That’s Exploded 173% in Three Weeks, Updates Outlook on Bitcoin and Dogecoin

A widely followed crypto analyst is suddenly flipping bearish on one red-hot Solana (SOL)-based memecoin.

In a new thread, pseudonymous crypto trader Altcoin Sherpa tells his 254,900 followers on X that Pump.Fun (PUMP) may plummet by more than 8% from its current value based on Fibonacci retracement levels, a technical analysis method used to determine an asset’s support and resistance levels.

“PUMP is a great coin, but I’m bearish in the short term. I’m very interested in buying $0.0065 though. Have loads of alerts there.”

PUMP is trading at $0.0071 at time of writing, up 173% from its low of $0.0026 on August 28th. The 64th-ranked cryptocurrency by market capitalization is down approximately 11% over the past 24 hours.

Next up, the analyst says that he remains bullish on Bitcoin (BTC) and other digital assets despite near-term price volatility.

“BTC: choppy price action, slowly pulling back now. Frankly a little surprised at all of the weakness across the board and will evaluate heavily. Still pretty long across the board but will rebalance as necessary.”

The analyst predicts Bitcoin will soon reclaim $120,000 as support and then return to its all-time highs (ATHs).

“BTC next two regions up, $120,000 and then ATH regions. Bullish until shown otherwise.”

Bitcoin is trading for $115,553 at time of writing, down 1.7% on the day.

Lastly, the analyst says that Dogecoin (DOGE) is flashing bullish signals on the daily chart.

“DOGE: had all one-day EMAs (exponential moving averages) coiling for the first time since October 2024 plus potentially just had an s/r (support/resistance) flip of this key $0.26 region. I’m long.”

DOGE is trading for $0.26 at time of writing, down 5.9% in the last 24 hours.

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