With the cryptocurrency market failing to reclaim the $2 trillion mark, top tokens continue to trade below important support levels. While mid- and small-cap altcoins are gaining momentum, major altcoins are wary of a significant drop with a potential bear market in the near future.
With the current state of the market, investors are concerned about their future investments. In addition, many are wondering if this is the right time to take profits and wait for the market to stabilize.
Scroll down to learn about the top three altcoins that have high potential for a significant downturn in their portfolios if bearish sentiment intensifies!
Jasmycoin (JASMY):
Amidst the uncertainty in the crypto market, Jasmy price has been making lower highs since June. Moreover, it has lost more than 20% in the last month. This indicates a growing bearish influence. With a year-to-date return of +173.26%, investors consider it a safe bet for their investments.
The RSI technical indicator continues to show a constant flat line in the 1D time frame. In addition, its average trend line is recording an increase in bearish action. This indicates a weak buying pressure for the altcoin in the market.
If the bears continue to dominate the market, Jasmycoin could fall to its lower support level of $0.01150. This suggests a potential drop of about 37% for this altcoin. Notably, a bullish surge could push the price to its high of $0.02450.
Ondo (ONDO):
Ondo price has formed a downward channel in the 1D timeframe and has been trading in it since June. This indicates a long-term bearish sentiment towards the altcoin in the crypto space. Notably, with a YTD +255.36% return, it has recorded a loss of 20.56% over the past month.
The Simple Moving Average (SMA) is constantly acting as a resistance to the ONDO price chart in the 1D timeframe. In addition, the RSI indicator is constantly fluctuating near its oversold range. This suggests a negative outlook for the altcoin in the near future.
Assuming that the bears continue to dominate the market, Ondo price will be preparing to test its low of $0.44390 this month. On the other hand, if the market favors the bulls, this altcoin will head towards its resistance level of $0.697.
Flocks (FLOCKS):
While Bitcoin price is hovering around the $54,000 level, memecoins have taken a hit, with many tokens seeing double-digit declines. Following this, FLOKI price has fallen 8.29% in the last 30 days. This has pushed its year-to-date gains back to +243.13% from +276.13% from its yearly high.
Technical indicators RSI and SMA have recorded an increase in bearish sentiment, which suggests that the altcoin may continue to lose value in the coming weeks.
If the bearish sentiment intensifies, the Floki meme coin will break its $0.000101 support level and fall to its lower support level. Positively, a trend reversal could push the price to the $0.000155 resistance level this month.
Read also, Floki Price Forecast 2024 – 2030
Note: This article is not intended to be any financial advice or recommendation. The tokens were selected based on their social and market sentiment and were not intended for any promotions or false indications.DYOR» before investing!