HYPE-3.64 IMX-2.13%
Strikes are occurring between Iran and Israel, causing a retreat in global stock markets, while gold and oil have experienced an increase. Like stocks, the crypto market has also faced an unfavorable outcome with a crash occurring this Friday.
Amid this bearish trend, BeInCrypto has analyzed three altcoins that, despite the losses, have the potential to rebound.
Hyperliquid (HYPE): where does the king of altcoins stand?
HYPE has experienced a slight decline today but remains one of the top-performing altcoins this month. The altcoin recently reached a new all-time high (ATH) and is now 9% away from breaking its price record once again.
The MACD, oscillating between bearish and bullish momentum, currently indicates a bullish crossover. This makes a rebound of HYPE likely, at worst, at its support level of $39.02. Moreover, such a move would pave the way for a potential breakthrough towards $44.02 before potentially aiming for an ATH around $50.
Price analysis of HYPE. Source: TradingView
However, if investors decide to sell their holdings, the price of HYPE could plummet below the support of $39.02 and then $36.47. This would invalidate any bullish outlook and hinder future growth of the token's price.
SPX6900 (SPX)
The price of SPX has heavily fallen over the last 24 hours, trading at $1.36. After missing its all-time high of $1.77 by a few cents, the altcoin is now heading towards its support level of $1.20. This decline follows the corrections experienced by the entire crypto market. Potentially, the drop could extend if the momentum weakens.
The Relative Strength Index (RSI), previously in the overbought zone, indicated an imminent correction after a price increase of over 50%. As the RSI returns to the positive zone, bullish momentum is likely to resume. This suggests that an increase targeting a new ATH is conceivable for SPX.
Price analysis of SPX. Source: TradingView
However, if market conditions are unfavorable, the support at $1.20 could be compromised. A move of such magnitude could push the altcoin down to $0.98. This would invalidate the current bullish outlook, flipping market sentiment.
Immutable (IMX)
IMX is moving in the opposite direction of the altcoins in this article. While the latter aim for an ATH, IMX is approaching its ATL. After a 15% drop over the last 24 hours, the altcoin is 21% away from reaching its all-time low (ATL) of $0.34. This decline suggests the possibility of a further drop, continuing its short-term bearish trend.
As it forms a new ATL for the second time in two months, IMX could experience a similar rebound as it did previously. The last time the altcoin formed a new ATL, the RSI nearly reached the oversold zone, which led to a reversal and a strong price increase. A similar scenario is expected soon.
Price analysis of IMX. Source: TradingView
However, for IMX to recover from its new ATL, an increasing demand from investors or favorable market conditions will be necessary. Without this support, a further drop below the support levels of $0.39 and $0.34 could solidify the bearish trend, leading to the formation of a new ATL.
Moral of the story: some altcoins do not miss an opportunity to stir.
