The total crypto market capitalization has dropped by 2.98% in the last 24 hours. The bearish sentiment has led to a decline in the prices of major cryptocurrencies, with Bitcoin (BTC) falling below the $68,000 level and Ethereum (ETH) dipping below $3,545. Amidst this market-wide correction, JasmyCoin (JASMY) and Notcoin (NOT) have also seen substantial price drops.
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JasmyCoin (JASMY) Price Drops by 5.76%
JasmyCoin (JASMY), a cryptocurrency project focused on data democratization, has experienced a 5.76% decline in price, currently trading at $0.03554. This pullback comes after a period of notable growth for the token, which has been surging in recent days.
Notcoin (NOT), another notable cryptocurrency, has also been impacted by the market downturn, with its price dropping by 11.33%. NOT is currently trading at $0.01637, a decline from its recent highs.
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Show more +Factors Contributing to the Price Slump
While the broader market downturn is a primary reason for the price declines of JASMY and NOT, there are other factors that may have contributed to the slump.
One such factor is profit-taking, as both tokens have experienced major surges in recent days. Investors who have benefited from the previous price appreciation may be taking profits off the table, leading to increased selling pressure.
Despite the recent price pullback, analyst JAVON MARKS has identified a potential hidden bullish divergence in JasmyCoin’s price action. In technical analysis, a hidden bullish divergence occurs when an asset’s price forms higher lows while the momentum oscillator forms lower lows.
This pattern suggests that despite the recent price pullback, buying pressure remains strong, and a bullish continuation may be on the horizon.
JAVON MARKS notes that in JasmyCoin’s case, this pattern has emerged after a nearly 200% uptrend, indicating that the continuation of this massive trend may be imminent.
Buying Opportunity in Notcoin (NOT)
Analyst Brains suggests that the current market dump has created an opportunity for investors to accumulate more Notcoin (NOT) during the dip. The analyst strongly advises those with available USDT to dollar-cost average (DCA) into NOT, as they believe the token is poised to experience another all-time high (ATH) during this comeback.
ChartMonkey, another analyst, has identified a descending triangle pattern in the NOTUSDT trading pair, with the price pulling back to support at $0.015. As NOT tests the bottom of the channel, the analyst suggests that a buying opportunity has been created in the $0.0130-$0.0150 zone on the daily chart.
The recent price declines of JasmyCoin (JASMY) and Notcoin (NOT) can be attributed to a combination of factors, including the broader market downturn and profit-taking by investors. However, some analysts believe that these pullbacks present potential buying opportunities, with hidden bullish divergences and technical patterns suggesting that both tokens may be poised for future growth.
Read more: Crypto Analyst Says Kaspa Against Bitcoin is ‘Pure Beauty’ – KAS Price Rally Incoming?
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