In a recent analysis published by Coinpedia, “Bear Market Warning,” the platform highlights three altcoins that are flashing danger signals. As the crypto market dips below $2 trillion, many altcoins are struggling to maintain key support levels. While some mid- and low-cap altcoins are showing signs of recovery, larger market-cap altcoins appear to be on the verge of a potential bear market.
Crypto analysts have lost faith in Bitcoin’s (BTC) bull run after it fell to $52,500. Despite the Federal Reserve’s interest rate cuts, many experts argue that the markets won’t see a meaningful recovery soon.
Coinpedia’s analysis dives into the declining crypto market and has identified three altcoins that could face further drops compared to others. Here is their analysis.
JasmyCoin (JASMY)
JasmyCoin (JASMY), which saw significant growth at the start of the year, has been moving downward recently. Over the past month, JASMY has lost nearly 20% of its value. According to Coinpedia, investors who held JASMY since the beginning of the year saw a 173.26% return, which may have led to increased selling pressure.
In their analysis titled “Altcoins You Should Sell Before It’s Too Late,” Coinpedia pointed out:
“The technical indicator RSI remains flat on the daily timeframe. Furthermore, the average trend line shows an increase in downward movement, suggesting weak buying pressure for the altcoin. If bears continue to dominate the market, JASMY could drop to its support level at $0.01150. This would imply a potential 37% retracement for the altcoin.”
Ondo (ONDO)
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Gaining momentum in the Real-World Assets (RWA) sector, Ondo (ONDO) has also made Coinpedia’s list. Despite its collaboration with BlackRock and being considered a promising crypto, ONDO may not escape the bear trend.
The analysis noted:
“ONDO has been trading within a descending channel pattern daily since June. Data indicates a long-term bearish sentiment for the altcoin. It’s important to remember that ONDO has surged 255.36% since the beginning of the year.”
Coinpedia’s report suggests ONDO could test its $0.44390 support level while identifying $0.697 as potential resistance. The report stated, “The Simple Moving Average (SMA) acts as resistance,” adding that the SMA shows an unfavourable outlook for the altcoin in the coming period.
Floki (FLOKI)
Floki (FLOKI), one of the most popular meme coins on the Ethereum blockchain, also made the “Sell Before It’s Too Late” list. Coinpedia has warned that the meme coin is in a dangerous position.
With BTC dropping to $52,500, meme coins have taken a brutal hit, with many seeing double-digit losses. FLOKI has fallen 8.29% in the last 30 days but has gained 243% since the start of the year.
The analysis states:
“Technical indicators, including RSI and SMA, generate bearish signals. The data suggests that the altcoin could continue to lose value over the coming weeks. If the downtrend intensifies, FLOKI might break its $0.000101 support level, moving toward a lower support zone. If the trend reverses, the $0.000155 resistance could be tested.”
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