The cryptocurrency market is entering a new moon, along with an explosion of volatility currently faced by altcoins. With Trump's trade war, the upcoming week is very important for the cryptocurrency market.
Therefore, BeInCrypto analyzed three tokens that can benefit from this week's volatility and other reasons.
Immutable (IMX)
The IMX price is at $0.502, reflecting the overall bearish market trend. Nevertheless, the altcoin can be supported at $0.497, providing a potential opportunity for recovery. If support is maintained, IMX can attempt to rise to $0.548, offering potential gains for traders.
The upcoming token unlock is set to release 24.52 million IMX, worth $12.40 million, into the market. Token unlocks typically cause bearish price movements, but IMX's relatively low price could attract buyers. This demand may offset the negative impact of additional supply, providing an opportunity for IMX to recover.
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However, if investor sentiment remains uncertain and no demand emerges, IMX may continue to face selling pressure. In such a case, the price could drop below $0.497 and fall below $0.470. This would invalidate the bullish outlook for the altcoin and signal additional downside risk.
Multibank Group's MBG (MBG)
MBG is a recently launched cryptocurrency that has attracted significant interest from investors. In less than two weeks, MBG's market capitalization has reached $212 million, showing rapid growth.
Capital inflows confirmed on the CMF are a positive indicator for MBG, suggesting investor confidence. If sustained demand exists, MBG could revisit its all-time high of $3.09, which is over 26% higher from its current position. Securing the support level at $2.45 is crucial to maintaining upward momentum and achieving new highs.
However, if selling pressure intensifies from skeptical investors, MBG could stall on its upward trajectory. Failing to maintain support at $2.45 could cause it to decline, pushing MBG below $1.99. Losing this support level would invalidate the bullish thesis for the altcoin.
BNB
BNB reached a new all-time high (ATH) of $861 at the end of July but subsequently dropped to $736. Despite this retreat, bullish market signals suggest BNB is showing signs of recovery, currently trading at $759. If the altcoin maintains momentum, it could reach its previous high.
Currently, BNB is 13.5% below its ATH of $816. If BNB can break through key resistance levels at $793 and $823, it has a high likelihood of approaching its ATH again. Securing the support level at $766 is crucial to maintaining upward momentum and achieving additional short-term gains.
However, if BNB fails to maintain the $766 level, it could experience further decline. Falling below this support could cause BNB to drop back to $736 or lower. Such a move would invalidate the current bullish outlook and suggest a potential bearish reversal.
