beincrypto.com
The crypto market did not fare too well over the last seven days, with most of the altcoins noting a decline. However, heading into the second half of June, certain external developments could trigger a recovery in altcoins’ prices.
BeInCrypto has analyzed three such altcoins for investors to watch in the coming days and the direction in which they are heading.
Immutable ($IMX)
Immutable X staking is set to transition to Immutable zkEVM this week, marking a significant milestone for the network and its users. This move is expected to bring bullish momentum to the platform, potentially influencing the price of the native token $IMX in the coming days.
$IMX has experienced an 8.7% decline over the past week, with the current price at $0.47. The altcoin is struggling to hold support at $0.46. However, if it successfully secures this level, $IMX could target the next resistance at $0.49, with potential gains extending toward $0.53.
The Parabolic SAR is currently above the candlesticks, indicating a growing bearish trend. If this pattern holds, $IMX’s price may continue to slide. A drop below the $0.44 support would signal further weakness, invalidating the bullish outlook and increasing the risk of additional losses for investors.
Reserve Protocol ($RSR)
$RSR is set to undergo its second-ever burn on June 20, following the successful 1.28 million $RSR burn on May 21. This event is expected to play a key role in shaping the altcoin’s price action, potentially providing a catalyst for a new wave of investor interest and price movement.
The last $RSR burn led to a notable 13.7% price surge. A similar short-term bullish scenario could unfold after the upcoming burn, particularly with the MACD indicator signaling a bullish crossover. If this momentum continues, $RSR could target $0.0073, with the next resistance point at $0.0081, drawing further investor attention.
However, if broader market sentiment turns bearish, $RSR might struggle to maintain support levels. A break below $0.0064 or $0.0059 would indicate significant weakness and invalidate the current bullish outlook. In this scenario, the altcoin could face a prolonged decline, making careful monitoring of market cues essential for traders.
THORChain ($RUNE)
$RUNE price has decreased by 5% over the past week, trading at $1.54, just below the $1.57 resistance level. This comes ahead of the V3.7.0 upgrade scheduled for THORChain later this week, which is expected to bring substantial improvements to the network, potentially impacting $RUNE’s price.
The upcoming V3.7.0 upgrade introduces a range of changes to the THORChain network, which could lead to a surge in $RUNE’s price. The Ichimoku Cloud also suggests a bullish momentum for the altcoin. If $RUNE manages to reclaim $1.57 as support, it could drive the price towards $1.67, attracting further investment.
However, if broader market conditions turn bearish, $RUNE might face a downward correction. A drop below $1.50 could signal further weakness, with $1.39 acting as the next support level. A break below this level would invalidate the bullish outlook, likely extending losses for investors.