During a quiet week for the crypto sector, Ethereum (ETH) battled to break $2,500, while Bitcoin (BTC) stayed below $60,000. Meanwhile, HNT and IMX have emerged as outliers, but in a good way.
This week, the majority of assets were moving on a downward trajectory, as Bitcoin slumped almost 9%.
Only two cryptocurrencies were in the green during the intraday trend, out of the major reds, Helium (HNT), and Immutable (IMX).
IXFI's on-chain research indicates that HNT is less likely to track the movements in the price of the legacy coin, BTC, with a 0.62 price correlation. IMX has advanced and is taking a distinct route.
The price of HNT has increased by over 140% as a result of a falling wedge pattern breakout.
The upward trend on the daily chart has held up despite significant declines in the overall market. The current trend was made possible by the $3.3–$3.5 demand zone. At this point, HNT is powerful.
When HNT used the 20-day EMA band as support, steady gains of 11.44% were observed over the course of the previous week. Given that the price closed August above both the 50-day and 200-day EMA bands, the long-term outlook is quite positive. $9 and $10 are among the next targets before HNT. Also, analysts suggest that by the end of 2024, there's a greater chance the cryptocurrency will reach $14, which would mark a 100% price increase.
On the other hand, bears will view $5.5 and $4.0 as their target levels, respectively, if the price encounters a strong bearish resistance around the $8.0 mark.
IMX, the 38th largest cryptocurrency worldwide, increased by 3% during the previous week. This trend is probably here to stay.
For the previous five months, IMX had been steadily declining, with a sequence of lower lows that resulted in a falling wedge. It elegantly broke that collapsing wedge. A breakout like this suggests a long-term shift toward bullishness.
As CryptoBrowser already reported, Immutable is still in a strong position, indicating that more gains could be forthcoming before a potential correction occurs.
Although IMX is currently having difficulty rising above $1.5, it is still above both the 20-day and 50-day EMAs, indicating a strong bullish presence.
The IMX tokens may reach support levels of $1.250 and $0.901, and resistance levels of $1.550 and $1.752, respectively.