The crypto market has yet to fully regain a bullish stance, with broader market cues still in play. However, strong network development could accelerate rallies and drive price growth.
BeInCrypto has analyzed three altcoins this week that show promising signs of potential growth for investors.
Immutable (IMX)
IMX has had a rough week, currently trading at $0.417. This comes ahead of a significant token unlock scheduled for this week, where 24.52 million IMX, worth $10.28 million, will enter circulation. The influx of supply could increase liquidity, potentially impacting price dynamics in the short term.
IMX’s price movement is closely correlated with Bitcoin, with a correlation coefficient of 0.85. As Bitcoin continues its rise toward its all-time high, IMX could see upward momentum as well.
If the trend continues, IMX could break through resistance levels of $0.432 and $0.490, fueling further demand for the altcoin.
IMX Price Analysis. Source: TradingView
However, the token unlock could introduce selling pressure. If investors choose to sell, IMX may fall through its $0.397 support level. In that case, the price could drop to all-time low (ATL) of $0.349, invalidating the bullish outlook and signaling a bearish reversal.
Celo (CELO)
CELO is poised to benefit from the upcoming Isthmus mainnet release, which is set for this week. The release promises key improvements in scalability, interoperability, and fault-proof security, which could enhance CELO’s network and attract more investors. These developments could help drive the altcoin’s price upward in the near future.
With the Parabolic SAR indicating an active uptrend, CELO’s price is likely to rise. This bullish momentum could push the altcoin past the current resistance levels of $0.282 and $0.298. If the uptrend continues, CELO could see a surge in demand, driving its price toward higher levels.
CELO Price Analysis. Source: TradingView
However, if the bullish momentum fades, CELO might face selling pressure. A drop below the $0.261 support level could push the price further down to its all-time low (ATL) of $0.236. This would invalidate the current bullish outlook and signal potential weakness in the market.
Dogecoin (DOGE)
Dogecoin is currently trading at $0.169, barely holding above this support level. The meme coin is gaining attention due to the recent launch of Elon Musk’s new political party, America Party. This development could impact investor sentiment, potentially influencing Dogecoin’s price movement in the coming days.
If Elon Musk’s actions spark renewed excitement for meme coins, Dogecoin could see further upward momentum. The MACD indicator shows strengthening bullish momentum, which could help Dogecoin break past the $0.175 barrier. A successful breach could send the price towards $0.182, potentially driving additional demand for the altcoin.
DOGE Price Analysis. Source: TradingView
However, if Dogecoin’s price fails to hold the $0.169 support level, it may face a significant downturn. A drop below this level could push the meme coin to $0.162. Losing this support would invalidate the bullish outlook, signaling a potential reversal in sentiment and price movement.
