Israel confirmed today that it struck Iran which the latter has stated as a “declaration of war”. Amidst this conflict the global stock markets retreated while oil prices noted a surge. Crypto market akin to stocks, faced an ill-fate with the 24 hour crash wiping out $221 billion at one point.
BeInCrypto has analyzed three altcoins amid the downtrend, which, despite losses, hold potential for a bounce back.
Hyperliquid (HYPE)
HYPE experienced a slight decline today but remains one of the top-performing tokens this month. The altcoin recently reached a new all-time high (ATH) and is now 9% away from breaking that record again, with the price currently sitting at $44.02.
The MACD, which has been flipping between bearish and bullish momentum, is currently noting a bullish crossover. This makes HYPE likely to bounce off the support at $39.02. This could set the stage for a potential breach of $44.02 and the formation of a new ATH around $50.00.
HYPE Price Analysis. Source: TradingView
However, if investors decide to sell off their holdings, HYPE’s price could slip through the support of $39.02, then $36.47, potentially dropping to $31.26. This would invalidate the bullish outlook and hinder any further price growth for the token.
SPX6900 (SPX)
SPX price fell by 15.5% in the last 24 hours, trading at $1.36. After barely missing the all-time high (ATH) of $1.77, the altcoin is now heading toward the $1.20 support level. This decline follows broader market corrections and could potentially extend further if momentum weakens.
The Relative Strength Index (RSI), previously in the overbought zone, indicated a correction was imminent after a 50% rise. As the RSI returns to the positive zone, the bullish momentum is likely to resume. This suggests a rise to a new ATH could be in the cards for SPX in the near term.
SPX Price Analysis. Source: TradingView
However, if the broader market conditions fail to align with SPX’s momentum, a decline through the $1.20 support would push the altcoin to $0.98. Such a move would invalidate the current bullish outlook, shifting the market sentiment toward a potential bearish trend.
Immutable (IMX)
IMX is moving in the opposite direction from other altcoins. After a 15% decline in the last 24 hours, the altcoin is 21% away from reaching the all-time low (ATL) of $0.34. This downturn suggests the potential for another dip, continuing its bearish trend in the short term.
While forming a new ATL for the second time in two months, IMX could experience a bounce similar to previous occurrences. The last time the altcoin formed a new ATL, the RSI nearly entered the oversold zone, which resulted in a reversal and a sharp price increase. A similar scenario is expected soon.
IMX Price Analysis. Source: TradingView
However, for IMX to recover from the new ATL, rising demand from investors or favorable market conditions will be necessary. Without this support, a further drop below the $0.39 and $0.34 support levels could solidify the downtrend, leading to the formation of a new ATL.
