The first week of June has proven bullish for some, while other altcoins faced corrections. However, in the coming days, we may see a shift in momentum for altcoins for various reasons.
BeInCrypto has analyzed three of these altcoins for investors to watch this week and the direction they are heading.
Aptos ($APT )
APT has been on a downward trend for about a month, trading at $4.67 at the time of this report. However, the launch of a major token this week could change the trajectory of the altcoin. Investors are closely monitoring this event, as it could ignite significant price movement and volatility.
More than 11.31 million APT, worth $52.7 million, will enter circulation during the token launch. Historically, APT has seen price spikes prior to such launches. The Ichimoku cloud indicator also shows a bullish signal, although it remains above the candles, indicating that the market may have some upward potential.
APT Price Analysis.
Given the bullish signals, the altcoin may benefit from this momentum and could break through the resistance level of $4.79, targeting a rise to $5.06. This would indicate the end of the downward trend and signal positive price movement. However, if bullish momentum fades, APT may struggle to break through $4.79 and slide back to $4.49 or $4.33.
Celo ($CELO )
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CELO is gearing up for a major update after transitioning from layer 1 to Ethereum's layer 2 chain. The protocol is preparing to launch its first significant update, generating excitement within the community. The upcoming changes are expected to improve scalability and enhance CELO's overall functionality in the ecosystem.
The Isthmus upgrade on the Baklava test network will be activated on June 11, introducing significant improvements in scalability, interoperability, and proof-of-error security. These upgrades could fuel positive market sentiment, allowing CELO to break through the resistance level of $0.334. If successful, the price could rise towards $0.357, indicating a positive breakout.
CELO Price Analysis.
Despite the excitement surrounding the upgrade, the Parabolic SAR indicator suggests that bearish momentum is still present. This could counteract the positive hype and prevent the altcoin from maintaining upward momentum. If selling pressure increases, CELO could drop to the support level of $0.298 or even lower to $0.282, invalidating the bullish outlook.
Immutable ($IMX )
IMX is currently trading at $0.51, just below the key resistance level of $0.53. The token is preparing for a major launch on June 13, with around 24.52 million IMX, worth over $12.67 million, entering circulation. This event could impact price movement, depending on market sentiment leading up to it.
If the broader market turns bullish ahead of the launch, IMX could break through the resistance level of $0.53. A successful breakout of this level is likely to push the altcoin towards $0.59. Positive market signals and the launch event could ignite a rally, allowing IMX to test higher price levels.
IMX Price Analysis.
However, the MACD indicator suggests that bearish momentum is still active, which may hinder IMX's recovery. If selling pressure continues and outweighs any bullish momentum, IMX could drop below the support level of $0.49. A decline to $0.46 would invalidate the bullish thesis, indicating a continuation of the downward trend.
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