Key Altcoins Signal Potential Undervaluation: LDO, NEXO, SUI, JUP, and ONDO

• Lido DAO ($LDO) must break $1.00 resistance to regain bullish momentum.
• Nexo ($NEXO) needs to overcome $0.98 and $1.00 to reverse its bearish trend.
• Sui ($SUI) faces strong bearish pressure as key support at $0.88 is critical.

Market observers believe several altcoins, including Lido DAO ($LDO), Nexo ($NEXO), Sui ($SUI), Jupiter ($JUP), and Ondo ($ONDO), could be trading below their true value.

Recent price action has been mixed, with some tokens showing bullish momentum while others face bearish pressure. Analyzing key price trends, support, and resistance levels on each of them can provide insights into the potential future movements of these assets. 

Lido DAO (LDO): Navigating a Downtrend

Lido DAO (LDO) has seen a notable decline recently, with its current price at $0.9862, down 2.00% over the past 24 hours. Initially opening at $1.006, LDO experienced a peak at $1.02 but failed to maintain this level. The token is now trading below the crucial $1.00 mark, suggesting weakening bullish momentum.

Source: Coinmarketcap

Immediate support for LDO is found around $0.98. If this level holds, it could stabilize the current downtrend. However, a break below could lead to further downward movement towards $0.97. Resistance is seen at $1.00 and $1.02. To regain bullish momentum, LDO needs to break through these key levels.

Nexo (NEXO): Struggling to Hold Ground

Nexo (NEXO) is currently priced at $0.9733, reflecting a 0.66% decline within the day. The token started at $0.9787 and reached an intraday high of $1.00 before retreating. The current price below key support levels indicates a bearish trend.

Source: Coinmarketcap

Immediate support for NEXO is at $0.97, with the potential for further decline to $0.96 if this level doesn’t hold. Resistance lies at $0.98 and the psychological barrier of $1.00. A reversal of the bearish sentiment for NEXO hinges on overcoming these resistance points.

Sui (SUI): Facing Bearish Pressure

Sui (SUI) has faced significant downward pressure, currently trading at $0.8851, down 4.36% for the day. The token opened at $0.9258 and hit an intraday high of $0.93 before descending. The current price suggests a strong bearish trend.

Source: Coinmarketcap

Immediate support for SUI lies around $0.88. A further decline could push the price down to $0.87. Resistance levels are at $0.90 and $0.93. Breaking through these levels is essential for any potential trend reversal.

Jupiter (JUP): Assessing Downward Momentum

Jupiter (JUP) has experienced a downtrend, starting from $0.75 and moving to $0.71. This decline is accompanied by increased selling pressure and a 2.52% decrease in market cap. Support is evident around $0.71, where the price has shown some stabilization.

Read also: Top 10 Under-$1 Cryptocurrencies to Watch in July 2024

Source: Coinmarketcap

Resistance is at $0.75. If JUP breaks below $0.71, it could face further downside. Conversely, a rebound above this level may allow it to challenge the resistance at $0.75.

Ondo (ONDO): Oscillating with Potential

Ondo (ONDO) is  trading at $0.6116, following a peak of $0.64 before entering a downtrend. The price is approaching the support level of $0.61, which could halt further declines.

Source: Coinmarketcap

Resistance is noted at $0.64. If ONDO fails to hold support at $0.61, further drops are possible. However, a successful rebound from this level could see it challenge the resistance and potentially recover.