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The cryptocurrency market is facing a significant downturn, with notable declines in altcoins such as TRUMP and ONDO.
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Despite the overall bearish trend, JUP is attracting attention with a notable surge in trading volume and price.
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According to a recent report by COINOTAG, “The volatility in the market is deeply influenced by the current bearish indicators and trading activity.”
Today’s crypto market highlights include drops in TRUMP and ONDO, while JUP shows resilience with increasing demand. Key insights revealed.
Market Overview and Altcoin Performance
The cryptocurrency market is witnessing a substantial downturn, with the global market capitalization now resting at $3.37 trillion, reflecting a 6% decrease in the last 24 hours. This decline has particularly impacted many altcoins, leading to widespread selling pressure.
Declines in Major Altcoins: TRUMP and ONDO
Two altcoins, Official Trump (TRUMP) and Ondo (ONDO), have been notably affected by this bearish sentiment. The TRUMP smart contract-based meme coin is currently trading at $26.16, experiencing a 14% drop in the past day. The bearish Super Trend indicators suggest that TRUMP could further decline to approximately $10.33 if the selling pressure continues.
TRUMP Price Analysis. Source: TradingView
On the other hand, Ondo (ONDO) is trading at $1.29, showing a 9% decrease as demand wanes, evidenced by the RSI dropping to 45.89. If the trend continues, ONDO may see its prices touch $1.03.
ONDO Price Analysis. Source: TradingView
Jupiter’s Resurgence
Conversely, Jupiter (JUP) is maintaining a positive trajectory, currently priced at $0.97 after a 5% rise. The altcoin has benefited from an impressive 181% surge in trading volume, indicating a robust demand dynamic. Should this trend persist, JUP may push towards its resistance level at $1.08.
JUP Price Analysis. Source: TradingView
Conclusion
In summary, the cryptocurrency market is currently facing a critical phase, with altcoins like TRUMP and ONDO grappling with significant price declines, while JUP emerges as a beacon of potential recovery. Investors should remain vigilant and monitor these trends closely to navigate the market effectively.
