The cryptocurrency market has encountered challenges over the past week, with most altcoins experiencing declines. Nonetheless, as we approach the latter part of June, various external factors may lead to a rebound in altcoin valuations. BeInCrypto has conducted an analysis of three specific altcoins that investors should keep an eye on in the upcoming days, alongside their projected trajectories.
Immutable (IMX)
This week marks a pivotal transition for Immutable X staking, as it shifts to Immutable zkEVM. This development is anticipated to generate positive momentum for the network and its users. The native token, IMX, could see price fluctuations as a result of this change. Over the last week, IMX has faced an 8.7% drop, currently valued at $0.47, and is finding it difficult to maintain support at the $0.46 mark. If it manages to hold this level, IMX may aim for the next resistance at $0.49, with potential gains pushing towards $0.53.
IMX Price Analysis
Current indicators, specifically the Parabolic SAR, show a bearish trend as it remains above the candlesticks. Should this trend persist, the price of IMX may continue to decline. A drop below the support level of $0.44 would signal further weakness, which could undermine the bullish perspective and increase the risk of additional losses for investors.
Reserve Protocol (RSR)
On June 20, Reserve Protocol (RSR) is poised for its second burn event, following a successful burn of 1.28 million RSR on May 21. This upcoming event is expected to be instrumental in influencing the price movements of the altcoin, attracting new investor interest. The previous burn resulted in a significant price increase of 13.7%. A similar bullish scenario could arise post-burn, especially as the MACD indicator hints at a bullish crossover. If upward momentum persists, RSR may target $0.0073, with an eye towards the next resistance at $0.0081, drawing more attention from investors.
RSR Price Analysis
However, if the overall market sentiment shifts to a bearish stance, RSR may struggle to retain its support levels. A fall below $0.0064 or $0.0059 would indicate considerable weakness and negate the current bullish outlook. Should this occur, the altcoin could endure a prolonged decline, making it crucial for traders to closely observe market signals.
THORChain (RUNE)
RUNE has seen a 5% decline over the past week, currently trading at $1.54, slightly below the resistance level of $1.57. This decline comes just before the V3.7.0 upgrade for THORChain, expected later this week, which promises significant enhancements to the network that could positively affect RUNE’s price. The upcoming upgrade introduces a variety of changes that may lead to a surge in RUNE’s value, with the Ichimoku Cloud indicating bullish momentum for the altcoin. If RUNE can reclaim $1.57 as a support level, it may push the price toward $1.67, attracting additional investment.
RUNE Price Analysis
Nevertheless, should the broader market conditions deteriorate, RUNE might face a downward adjustment. A decline below $1.50 could indicate further weakness, with $1.39 serving as the next support level. A breach of this support would invalidate the bullish outlook, likely resulting in greater losses for investors.
Disclaimer
In accordance with the Trust Project guidelines, this price analysis is intended solely for informational purposes and should not be interpreted as financial or investment advice. BeInCrypto is dedicated to providing accurate and impartial reporting; however, market conditions may change without prior notice. It is essential to conduct your own research and consult with a professional before making any financial decisions. Please be aware that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
