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Immutable (IMX), Kaspa (KAS), and Sei (SEI) have seen a surge upwards in the positive direction within a week due to optimism on the crypto market occasioned by the rally that Bitcoin has had to $51K. Nonetheless, the bullish momentum has weakened as profit-taking and market corrections set in.
Consequently, Immutable (IMX) fell in the last 24 hours after failing to surpass the resistance established at an intra-day peak of $3.04. Consequently, IMX hit an intra-day low of $2.85, which support held before slightly recovering to $2.99.
If the bullish trend manages to break the resistance level, the next level to keep an eye on is $3.15. However, if bearish sentiment takes over, IMX could drop below the support level of $2.85 and test lower levels of support.
However, during the recovery, IMX’s market capitalization increased by 2.38% to $4,059,645,838, but 24-hour trading volume decreased by 38.16%. This tendency indicates that the market still needs to be clearer about IMX’s future trajectory.
KAS/USD
Kaspa (KAS) has been in a bearish rally in the last 24 hours, falling from an intra-day high of $0.1438 to a low of $0.1356. KAS at press time, as a result, was still under selling pressure, trading at $0.141, a 1.65% drop from the intraday high. A breach below this support level, however, may dip the price to the next support level at $0.1300 or $0.1250.
KAS’s market capitalization and 24-hour trading volume dropped by 1.45% and 20.18%, respectively, to $3,205,889,135 and $45,102,814. This decline in market capitalization and trading volume implies that KAS might be losing its investors’ confidence.
SEI/USD
On the other hand, the Sei (SEI) bullish recovery just ended the bear rally by finding support on the 24-hour bottom at $0.7215. As a result, the SEI price skyrocketed to equal $0.83 at press time, representing an 11.55% increase from the support. This trend indicates a change in investors’ approach to SEI that may cause prices to rise.
During the rally, SEI’s market capitalization and 24-hour trade volume surged by 11.35% and 8.39% to $2,006,727,228 and $476,251,290, respectively.
Should the bulls break the resistance level, the next one to watch would be a new all-time high for SEI above $0.8755, only about a month ago.
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