The crypto market has yet to fully regain its bullish stance. However, strong network developments can accelerate gatherings and drive price growth.
Beincrypto analyzed three altcoins this week that show promising signs of potential growth for investors.
Immutable (IMX)
IMX is roughly a week and is currently trading at $0.417. This is beyond the major token unlock scheduled for this week. 2,452 million IMX worth $1.28 million will enter distribution. Supply inflows can increase liquidity and can affect price dynamics in the short term.
Price transfer in IMX is closely correlated with Bitcoin, which has a correlation coefficient of 0.85. As Bitcoin continues to rise to its all-time high, IMX has also been able to see its momentum going upwards.
If the trend continues, IMX could break through resistance levels of $0.432 and $0.490, driving further demand for AltCoin.
However, unlocking the token can cause sales pressure. If investors choose to sell, IMX could fall at a support level of $0.397. In that case, the price could drop to an all-time low (ATL) of $0.349, negating bullish outlook and signaling a bearish reversal.
Cello (Cello)
CELO is ready to benefit from the Isthmus Mainnet release set for this week. This release promises critical improvements in scalability, interoperability and fault security, strengthens Cello’s network and attracts more investors. These developments will help raise Altcoin prices in the near future.
Parabolic SARs showing an aggressive upward trend could lead to a rise in cerro prices. This bullish momentum could push Altcoin beyond its current resistance levels of $0.282 and $0.298. As the upward trend continued, Cello could see a surge in demand, pushing prices towards a higher level.
However, if bullish momentum fades, Cello could face sales pressure. Below the $0.261 support level could result in a further drop in the price to an even lower (ATL) of $0.236. This will override the current bullish outlook and show the potential weakness of the market.
dogecoin (doge)
Dogecoin is currently trading at $0.169 and barely holds this level of support. Meme Coin is gaining attention as Elon Musk’s new political party, the American Party, was recently launched. This development could affect investor sentiment and could affect Dogecoin’s price movement in the coming days.
If Elon Musk’s actions renewed the excitement of the meme coin, Dogecoin could see even more upward momentum. The MACD indicator shows enhanced bullish momentum. This could help Dogecoin break past the $0.175 barrier. If the violation is successful, it could send the price to $0.182, which could drive additional demand for Altcoin.
However, if Dogecoin’s price cannot hold its support level of $0.169, it could face a major recession. Below this level, you could push meme coins into $0.162. Losing this support will invalidate bullish outlook, indicating a potential reversal in emotional and price movements.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
