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Amid ongoing market volatility, the altcoin leader, Ethereum’s price has reclaimed the $2,650 level with a jump of 2.11% in the past day. Following this, ETH-based altcoins have gained significant attention from the market. This has resulted in them breaking out of their important resistance levels.
With the increasing price uncertainty in the crypto space, is this the right time to stack up more altcoins at a discounted price?
In this article, we have covered the market analysis and short-lived price action of the top 3 altcoins that have the potential to dominate the cryptocurrency market during the upcoming AltSeason.
IMX Price To Retest Its Resistance Level Of $1.5?
Over the past 24 hours, the IMX price has added 5.39% in the past 24 hours with a trading volume of $34.240 million. Notably, the ImmutableX price is on the verge of breaking its resistance level of the falling wedge pattern, the outcome of which is uncertain.
The SMA indicator has displayed a bullish convergence in the 1D time frame. Furthermore, the MACD has recorded a constant uptrend with its averages experiencing a positive action. This suggests that the ImmutableX price will continue gaining value in the coming time.
If the bulls break out of the resistance trend, the IMX price will prepare to test its upper resistance level of $1.925. Conversely, if the bears regain momentum, this altcoin will retest its low of $1 this month.
Optimism (OP) Price Bullish Reversal To Retest $2?
Amid increased price volatility, the OP price has jumped 6.37% in the past day and 9.37% over the past week. Moreover, the altcoin is on the verge of testing its resistance trendline of the triangle pattern. This indicates increased bullish sentiment for it in the crypto space.
The technical indicator, RSI has displayed a sharp rise toward the midpoint with its average trend line recording a bullish curve. However, since then, it has displayed a flatline, suggesting uncertainty in future price action.
Maintaining a bullish sentiment could result in the Optimism price heading toward its upper high of $2.025 this month. However, a bearish action could pull the OP price toward its crucial support level of $1.060.
Ondo Price Holds Above Its Important Support Level
After recording a drop of approximately 40% over the past 30 days. The Ondo price has successfully regained momentum and has added over 6% to its portfolio in a day. Moreover, with a market capitalization of $986.45 million, it has secured the 66th position in the global crypto list.
The MACD has recorded a constant green histogram, in the 1D time frame. Furthermore, the averages have experienced a bullish convergence, highlighting a positive outlook for the ONDO price during the upcoming time.
If the market holds the Ondo price above its support level of $0.6970. The bulls will regain momentum and prepare to test its resistance level of $0.9845. Negatively, if the bears dominate the crypto space, the altcoin will retest its low of $0.44390.