The cryptocurrency market is experiencing a downtrend today, affecting many altcoins. The global cryptocurrency market cap today is $3.37 trillion, down 6% in the past 24 hours.
Amid the broader decline, three altcoins — Official Trump (TRUMP), Ondo (ONDO), and Jupiter (JUP) — are capturing significant attention. While Jupiter (JUP) has seen a rise in value, both Trump (TRUMP) and Ondo (ONDO) have faced declines.
Official Trump (TRUMP)
Solana-based meme coin TRUMP is a trending altcoin today. It currently trades at $26.16, noting a 14% price dip over the past 24 hours.
At press time, the meme coin trades below the red line of its Super Trend indicator, which helps traders identify the market’s direction by placing a line above or below the price chart based on the asset’s volatility.
As with TRUMP, when an asset’s price trades below the Super Trend line, it signals a bearish trend, indicating that the market is in a downtrend or that selling pressure is dominant.
If selling pressure remains dominant, TRUMP’s price could extend its decline and fall toward $10.33. Converesly, a surge in buying activity could drive the meme coin’s value to $36.69
Ondo (ONDO)
Real-world asset (RWA) token ONDO is another altcoin trending today. It trades at $1.29, witnessing a 9% price decrease in the past 24 hours.
This price decline is attributed to the waning demand for the altcoin, reflected by its Relative Strength Index (RSI). At press time, the indicator is in a downward trend at 45.89
The RSI indicator measures an asset’s oversold and overbought market conditions. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and may witness a correction. Conversely, values below 30 indicate that it is oversold and due for a rebound.
At 45.89 and in a downtrend, ONDO’s RSI indicates that selling pressure is gaining momentum. If this strengthens, ONDO’s price could break below $1.23 and fall toward $1.03. On the other hand, if ONDO demand spikes, it could drive its value up to $1.57.
Jupiter (JUP)
JUP is trending today because it is the market’s top gainer. At press time, it trades at $0.97, recording a 5% price hike over the past 24 hours.
This surge is accompanied by an 181% uptick in daily trading volume, indicating that the price growth is due to the actual demand for JUP tokens. If demand strengthens, the altcoin’s value could rally toward $1.08.
However, if selloffs commence, JUP’s price could drop below $0.95 and trend toward $0.81.
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Disclaimer
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