Altcoin Market Update: RED, JUP, and S
The crypto market experienced significant volatility following President Donald Trump's executive order establishing a Strategic Bitcoin reserve. This has impacted several altcoins, with RedStone (RED), Jupiter (JUP), and Sonic (S) attracting considerable attention.
RedStone (RED)
RED, a newly launched oracle token, saw a 33% price drop to $0.64 in the last 24 hours. Despite this, trading volume surged by 1069%, exceeding $195 million. This high volume during a price drop could indicate increased selling pressure or potential accumulation by buyers seeking lower entry points. Further price movement could see RED reach $0.57 or bounce back to $0.67.
Source: TradingView
Jupiter (JUP)
JUP, the token powering the Solana-based decentralized exchange Jupiter, mirrored the market slump, experiencing a 5% price drop. It briefly touched a one-year low of $0.56 before recovering slightly to $0.60. The negative Elder Ray Index reading of -0.20 confirms significant selling pressure. Further downside could see JUP revisit its one-year low or even its all-time low of $0.43. Conversely, increased demand could push the price to $0.75.
Source: TradingView
Sonic (S)
Sonic (S) also experienced a price drop of 11%, trading at $0.53. Its Relative Strength Index (RSI) of 41.70 (below the 50 neutral line) highlights significant selling pressure. This bearish trend suggests a potential decline to $0.47. However, a bullish shift could send the price towards $0.62.
Source: TradingView
Disclaimer: This market analysis is for informational purposes only and should not be considered financial or investment advice. Codeum is committed to providing accurate and unbiased information. Always conduct thorough research and seek professional counsel before making any investment decisions.
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