As the cryptocurrency market fails to reclaim the $2 Trillion mark, top tokens continue trading below their important support levels. While mid-cap and low-cap altcoins have gained momentum, major altcoins fear a massive drop with a potential bear market in the coming time.
With the ongoing market condition, investors are concerned about their future investments. Further, many are considering if this is the right time to book profits and wait for the market to stabilize.
Scroll down, to uncover the top 3 altcoins that have a high potential of experiencing a significant downtrend in their respective portfolios if the bearish sentiment intensifies!
Jasmycoin (JASMY):
Amid uncertainty in the crypto market, the Jasmy price has constantly formed lower highs since June. Moreover, it has lost over 20% within the past month. This indicates a rising bearish influence. With a YTD return of +173.26%, investors consider this to be a safe exit for their investments.
The technical indicator RSI has continued displaying a constant flatline in the 1D time frame. Further, its average trendline records an increase in the bearish action. This suggests a weak buying pressure for the altcoin in the market.
If the bears continue to dominate the market, the Jasmycoin might plunge toward its lower support level of $0.01150. This suggests a potential drop of approximately 37% for this altcoin. Notably, a bullish surge could push the price toward its high of $0.02450.
Ondo (ONDO):
The Ondo price has formed a descending channel pattern in the 1D time frame and has continued trading within it since June. this indicates a long-term bearish sentiment for the altcoin in the crypto space. Notably, with a YTD return of +255.36%, it has booked a loss of 20.56% over the past month.
The Simple Moving Average (SMA) constantly acts as a resistance to the ONDO price chart in the 1D time frame. Further, the RSI indicator constantly hovers close to its oversold range. This suggests a negative outlook for the altcoin in the coming time.
Suppose, the bears continue dominating the market, in that case, the Ondo price will prepare to test its low of $0.44390 this month. On the other hand, if the market favors the bulls, this altcoin will head toward its resistance level of $0.697.
Floki (FLOKI):
As the price of Bitcoin struggles below the $57,000 level, memecoins have taken a major hit with many tokens experiencing a double-digit drop. Following this, the FLOKI price has dropped 8.29% over the past 30 days. This has pulled back its YTD gains to +243.13% from +276.13% concerning the yearly high.
The technical indicators, RSI and SMA have both recorded rising bearish sentiment. This suggests that the altcoin may continue losing value during the upcoming weeks.
If the bearish sentiment intensifies, the Floki memecoin will break its support level of $0.000101 and drop toward its lower support level. Positively, a trend reversal could push the price toward its resistance level of $0.000155 this month.
Also read, Floki Price Prediction 2024 – 2030
Note: this article is not subjected to any financial tips or is subjected to advice. The tokens selected were based on their social and market sentiments and were not for any promotions or misdirections. “DYOR” before investing!
