While the crypto market started the week on a bearish note, upcoming developments may signal a potential turnaround. Several altcoins have key external factors supporting their price movement, offering investors opportunities for growth.
BeInCrypto has analyzed three altcoins to watch this week, exploring their potential price direction.
Movement (MOVE)
MOVE’s price has experienced a significant 44% correction over the past two weeks, currently trading around $0.305. This decline was especially steep in the last 24 hours, as MOVE formed a new all-time low (ATL) at $0.286, losing 23% in that timeframe. Many investors find themselves concerned about the possibility of further price drops, leading to a climate of uncertainty in the market.
An important event on the horizon is a token unlock set for April 9th, where 50 million MOVE tokens, worth over $15 million, will enter circulation. This influx of new tokens could saturate the market and increase supply, potentially driving demand down further and exacerbating the bearish trend. Investors are on high alert, as the possibility of additional price reductions looms.
Source: TradingView
Market analysts suggest that the MOVE price may test the $0.286 level again soon. If it holds as support, there may still be hope for recovery. However, if it breaks through this threshold, it could form a new ATL. Should the market respond positively to upcoming developments, MOVE has the potential to reclaim the $0.374 mark, invalidating the current bearish outlook and sparking a much-needed recovery.
EOS (EOS)
In stark contrast to MOVE, EOS has emerged as one of the best-performing tokens this week, showcasing impressive resilience. Following a robust 57% recovery towards the end of March, EOS appears to be nearing the conclusion of its bearish streak.
Despite this recovery, EOS faced a 15% pullback last week and is currently trading at around $0.72. Importantly, it’s holding steady above a critical support level at $0.68, while eyeing a breach of the $0.76 resistance. This upward potential coincides with a critical technical development known as a Golden Cross, where the 50-day exponential moving average (EMA) is approaching a crossover with the 200-day EMA.
Source: TradingView
However, the upward trajectory of EOS is not guaranteed. Should it fail to maintain support at $0.68, a drop to the next support level at $0.61 could occur. Losing this critical level could erase recent gains and signal further challenges ahead for the altcoin, so traders are watching closely for any signs of reversal.
Helium (HNT)
Turning our attention to Helium, the price fell through the $2.30 support recently, leading to a near 20% decline before showing some signs of recovery, currently trading at $2.39. While this slight rebound showcases some resilience, negative broader market cues continue to cast doubt on HNT’s future price movements, leaving traders in a state of uncertainty.
An upcoming catalyst for price movement is the anticipated rollout of significant updates, including HIP-103. These changes are expected to bolster investor confidence. Should HNT successfully implement these updates and generate positive market sentiment, we could witness a resurgence in its price levels.
Source: TradingView
If market reactions are favorable, HNT could rise toward the $2.75 mark, recovering a substantial portion of the losses from the previous day. On the other hand, if Helium fails to hold onto the $2.30 level, it risks further declines, with analysts suggesting a potential drop down to $2.00, which would jeopardize its bullish outlook.
As the week unfolds, these three altcoins present various opportunities and challenges. Investors and traders are keenly observing market movements, technical indicators, and upcoming developments that could influence price direction and trading strategies. The landscape of cryptocurrency remains dynamic, and while bearish trends are evident, the potential for recovery and growth offers a glimmer of hope for those engaged in the market.