Crypto Market Sees Downward Trend with Altcoins Making Headlines

In the midst of the current cryptocurrency market downturn, several altcoins are making waves not for price gains but for recent developments within their ecosystems.

Berachain (BERA)

Berachain made waves with the official launch of its “proof-of-liquidity” layer-1 blockchain and the subsequent distribution of $1.17 billion worth of BERA tokens through an airdrop. However, the excitement was short-lived as a surge in selloffs followed, causing a 17% price drop for BERA, now trading at $7.39.

The dramatic increase in trading volume, up by over 150,000%, indicates intense selling pressure on BERA. If the trend continues, the coin's price could plummet to $5.36 and possibly even further to $3.89.

ONDO (ONDO)

RWA-based asset ONDO saw a surge in attention after Ondo Finance's announcement of its upcoming layer-1 blockchain for tokenized real-world assets. Despite this development, ONDO's performance has been lackluster, with a 0.1% drop in value, currently trading at $1.40.

Should demand for ONDO weaken further, its price may drop to $1.23, but with a positive market shift towards accumulation, its value could rise to $1.57.

Notcoin (NOT)

NOT is currently trading at $0.0026, having experienced a 40% decline over the past week. Although it rebounded slightly from a recent low, the Elder-Ray Index indicates weak demand for NOT, with a negative value suggesting selling pressure dominating the market.

Should the selling pressure persist, NOT's price could revisit previous lows, but a resurgence in buying activity could push its value up to $0.0039.

With these altcoins making headlines for different reasons, the crypto market remains volatile as investors closely monitor price movements and ecosystem developments.

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(Source: TradingView)