The cryptocurrency market went through a tough week, but there is optimism for a comeback in the new week. It remains uncertain whether this recovery is a result of general market trends or developments within specific networks.
BeInCrypto has pinpointed three alternative coins that investors should closely monitor as we step into the second week of March.
1. Movement (MOVE)
The price of MOVE dropped to a record low of $0.370 as investors held back in anticipation of the upcoming mainnet launch slated for this week. This crucial event could potentially change the game for this altcoin, impacting investor sentiment and market movements in the near future.
At present, MOVE is trading at $0.464, consolidating below the $0.527 resistance level while staying above the $0.420 support mark. With a surge in bullish momentum, this altcoin could push towards $0.617. A successful breach of this threshold would signal recovery and draw back investor confidence.
However, if MOVE continues to be influenced by broader market trends, a drop below $0.420 might trigger further declines. In such a scenario, the altcoin could slip below its all-time low of $0.370, potentially forming a new bottom and extending its bearish trend.
2. Immutable (IMX)
IMX has been trading within a descending wedge for the last two months, currently priced at $0.539. The altcoin has seen a 22% decrease over the past fortnight, reflecting sustained bearish pressure. Despite this, the technical pattern indicates a potential breakout, opening the door for a trend reversal.
Holding above its crucial support level at $0.508, IMX could be on the brink of an upward movement. This optimism is supported by the upcoming release of RavenQuest, a Sandbox MMORPG scheduled for launch on March 14. This event might attract new investments, generate fresh interest, and bolster market sentiment surrounding IMX.
Should investor enthusiasm drive IMX, the altcoin could surpass the $0.684 resistance level and target $0.810. Failure to breach this mark would nullify the bullish outlook. If the bearish scenario unfolds, IMX might lose support at $0.508, potentially leading to a decline towards $0.400.
3. Tron (TRX)
Tron's price, currently at $0.234, has displayed resilience by maintaining stability amidst broader market fluctuations. Over the last three months, TRX has traded within a narrow range, exhibiting minimal volatility. Unlike many other cryptocurrencies that experienced significant crashes, TRX has held its ground, avoiding major downside movements during market uncertainty.
TRX is currently consolidating between $0.262 and $0.216, effectively preventing substantial losses. The altcoin seems poised to establish its 50-day Exponential Moving Average (EMA) as support. This achievement could pave the way for a breakout, enabling TRX to move beyond its established range and enter a bullish phase.
Nonetheless, if the breakout attempt falls short, consolidation may continue. A shift in market sentiment or escalating bearish conditions could push TRX below its $0.216 support level. This could potentially drive the altcoin towards $0.194, negating the bullish-neutral stance.