Israel confirmed today that it struck Iran which the latter has stated as a “declaration of war”. Amidst this conflict the global stock markets retreated while oil prices noted a surge. Crypto market akin to stocks, faced an ill-fate with the 24 hour crash wiping out $221 billion at one point.
BeInCrypto has analyzed three altcoins amid the downtrend, which, despite losses, hold potential for a bounce back.
Hyperliquid (HYPE)
HYPE experienced a slight decline today but remains one of the top-performing tokens this month. The altcoin recently reached a new all-time high (ATH) and is now 9% away from breaking that record again, with the price currently sitting at $44.02.
The MACD, which has been flipping between bearish and bullish momentum, is currently noting a bullish crossover. This makes HYPE likely to bounce off the support at $39.02. This could set the stage for a potential breach of $44.02 and the formation of a new ATH around $50.00.
However, if investors decide to sell off their holdings, HYPE’s price could slip through the support of $39.02, then $36.47, potentially dropping to $31.26. This would invalidate the bullish outlook and hinder any further price growth for the token.
SPX6900 (SPX)
SPX price fell by 15.5% in the last 24 hours, trading at $1.36. After barely missing the all-time high (ATH) of $1.77, the altcoin is now heading toward the $1.20 support level. This decline follows broader market corrections and could potentially extend further if momentum weakens.
The Relative Strength Index (RSI), previously in the overbought zone, indicated a correction was imminent after a 50% rise. As the RSI returns to the positive zone, the bullish momentum is likely to resume. This suggests a rise to a new ATH could be in the cards for SPX in the near term.
However, if the broader market conditions fail to align with SPX’s momentum, a decline through the $1.20 support would push the altcoin to $0.98. Such a move would invalidate the current bullish outlook, shifting the market sentiment toward a potential bearish trend.
Immutable (IMX)
IMX is moving in the opposite direction from other altcoins. After a 15% decline in the last 24 hours, the altcoin is 21% away from reaching the all-time low (ATL) of $0.34. This downturn suggests the potential for another dip, continuing its bearish trend in the short term.
While forming a new ATL for the second time in two months, IMX could experience a bounce similar to previous occurrences. The last time the altcoin formed a new ATL, the RSI nearly entered the oversold zone, which resulted in a reversal and a sharp price increase. A similar scenario is expected soon.
However, for IMX to recover from the new ATL, rising demand from investors or favorable market conditions will be necessary. Without this support, a further drop below the $0.39 and $0.34 support levels could solidify the downtrend, leading to the formation of a new ATL.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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