Immutable X (IMX): IMX is up 10% on a weekly basis, and is poised for a potential rally to $3.3-$4 after consolidating above $1.65
This is another week—another seven days to get things done.
Last week wasn't so bad in the crypto market. It had its fair share of ups and downs, and the total crypto market cap gained about 1.52% as shown by data from TradingView.
This shows that while the price movements from last week haven't been very impressive so far, the bulls remained in control and kept most cryptocurrencies afloat.
In this section, we will be going over some of the best cryptocurrencies to keep an eye out for next week, whether you're an investor, a trader or simply a crypto enthusiast.
Here's what we have:
Why should you keep an eye out for Render?
According to CoinMarketCap, Render has been up by a whopping 17% over the last week.
Considering how the general market moved to the upside by only 1.5% over the last week, this means that Render was moving directly opposite the market.
Render is also up by about 2% over the last day at the time of writing, and seems to be doing pretty well for itself.
According to the charts, Render spent most of the previous bear market trading under the $3.3 zone after breaking below in mid-January, 2022.
In November 2023, we saw a break above this zone on Render, before a rejection from $5.3 that sent the cryptocurrency straight down into a retest of this $3.3 zone.
As shown by the chart above, Render now appears to have completed its consolidation and is now trying to complete its rebound.
Render currently trades at $4.96, and would have confirmed its bullishness if it successfully breaks above the $5.2 zone this week.
The price target for RNDR is $6.6.
Next up, we have Flare.
According to CoinMarketCap, this one is currently leading the rest of the market in terms of gains over the last 7 days.
At the time of writing, Flare is up by more than 10% in an intra-day timeframe. Flare is also u by a whopping 37% over the last week, meaning that it is currently one of the most bullish cryptocurrencies on the market on all timeframes.
According to the charts, Flare is bullish on all timeframes because similar to Render, it just broke above the $0.023 resistance for the first time since breaking below on 31 May 2023.
We can expect some kind of consolidation on the cryptocurrency moving forward, but ultimately, the price target for Flare could be anywhere between $0.03 and $0.045.
Pendle comes right after Flare as the second-highest gainer in the crypto market on a weekly timeframe, with an intra-week gain of around 27.6%.
On the daily timeframe, Pendle is also up by around 3% at the time of writing, indicating that just like Flare, Pendle is also largely bullish on several timeframes.
In the charts, Pendle appears to have no roof.
The chart above shows that Pendle has been rising steadily, every week since mid-August last year.
If this week doesn't turn out to be the exception to this rule, Pendle might turn out to be worth looking into.
This one is a lot more obvious than the rest.
Chainlink has been one of the best-performing, and heavily speculative cryptocurrencies on the market for months now.
The cryptocurrency comes right after Flare and Pendle in terms of weekly gains and is up by around 26% over the last week.
Chainlink is also no small fry on the daily timeframe and has bagged about 2% in gains over the last 24 hours.
According to the charts, Chainlink has just broken (and even closed) above the $16.5 range for the first time since breaking below in January 2022.
This makes Chainlink well-past primed to hit anywhere between $25 to $30 very soon.
Immutable X is doing numbers at around an intra-week gain of 10%, as shown by the snapshot below.
However, what is interesting about IMX isn't its current price action. The interesting thing is what might be about to happen in the charts.
IMX is similar to Render and Chainlink, in that both of these cryptocurrencies recently broke above important price levels for the first time since 2022.
This price level, for IMX, is the $1.65 resistance as shown above.
IMX appears to have completed a consolidation above this price level and is now aiming for a rebound.
If IMX successfully breaks above its immediate price resistance of $2.6 this week, investors will be in for an explosive rally to anywhere between $3.3 and $4.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.