Next weekend will be critical for the crypto market, with growing concerns that the price of Bitcoin could fall below $100,000. This makes altcoins dependent on the development of their own networks rather than broader market cues.
BeInCrypto analyzes three altcoins that investors should keep an eye on this weekend.
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Internet Computer (ICP)
ICP has emerged as one of the best-performing altcoins this week after the launch of Dfinity’s new AI tool, Caffeine. The language-free, AI-powered upgrade doubled the project’s subnet capacity to 2 TiB, improved performance for HIPAA-compliant distributed applications, and increased investor interest in the network’s growing AI ecosystem.
This burst of innovation led to a rapid increase in demand, and the price of ICP soared 166% within a week. Currently trading at $7.80, the altcoin broke through the $7.61 resistance level and hit a 10-month high. If the bullish momentum holds, ICP could move further towards the $10.83 level and extend its strong upward trajectory into the weekend.
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However, if investors start taking profits after a sharp rise, selling pressure may increase. This could push ICP’s price down to $6.05 or even $4.67. A break below these levels would invalidate the bullish outlook and erase much of the recent weekly gains.
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Move (MOVE)
Movement is preparing for a major token unlock event over the next two days, with 50 million MOVE tokens worth over $2.9 million in circulation. A sudden increase in supply amid weak demand could amplify selling pressure.
Altcoins have been on a steady downward trend over the past month, and their strong correlation of 0.86 with Bitcoin has increased market uncertainty. If MOVE follows Bitcoin’s bearish trajectory, the price could fall below the support at $0.0525 and fall below $0.0461, extending recent losses and weakening investor sentiment.
But new support from investors could reverse this trend. If the buying pressure increases, MOVE could break the ongoing downtrend and break through the resistance at $0.0669 and the barrier at $0.0741. A successful breakout of these levels will invalidate the bearish theory.
Axie Infinity (AXS)
Another altcoin to watch this weekend is AXS. AXS is preparing to unlock tokens similar to MOVE, albeit on a smaller scale. The upcoming unlock is worth just $854,780, but is unlikely to have a significant impact on the altcoin’s price. Limited supply inflows reduce the risk of strong selling pressure and help maintain short-term price stability.
Nevertheless, AXS is in a month-long downtrend and could soon collapse. The MACD indicator is approaching a bullish crossover, indicating a possible reversal of momentum. If market sentiment improves, AXS could break out of the downtrend and rise above the $1.39 resistance and reach above $1.51 in the coming sessions.
However, if the bearish situation continues, AXS could face renewed selling pressure. A decline below the support at $1.18 could send the altcoin below $1.15, potentially retesting $1.00. Such a move would invalidate the bullish theory and widen losses for Axie Infinity investors.
