The crypto market has been recovering steadily in recent days, helping altcoins and Bitcoin regain momentum. However, the upward trend will be difficult to maintain if it relies solely on positive signals or general market trends.
Here are 3 notable altcoins that investors should pay special attention to this week – as significant events are about to occur and promise strong market volatility.
TUT's price has remained stable for most of the month, currently fluctuating below the $0.027 resistance level. Successfully breaking through this barrier is crucial to recovering the 53% loss incurred in March. A price increase above $0.027 could signal a positive trend and further price appreciation in the coming weeks.
If this trend continues, TUT could advance to the next resistance level of $0.039, indicating strong momentum.
However, if TUT fails to break through the $0.027 resistance level, the price could drop below $0.021. Such a decline would nullify the price appreciation prospects and lead to further losses. In that scenario, the price could fall to the $0.015 range – a significant setback threatening the altcoin's recent recovery efforts.
Injective (INJ) price surged 17% in recent days, driven by expectations of the upcoming Lyota mainnet upgrade. The upgrade is expected to be implemented on 4/22, helping to improve Injective's infrastructure, performance, and transaction speed. This has sparked optimistic sentiment, pushing the price higher in the short term.
Currently trading at $8.6, Injective is approaching the $9.11 resistance level. If successfully breaking this barrier, the price could exceed $10, potentially reaching $10.35. The positive sentiment around the Lyota mainnet upgrade is likely to continue driving the altcoin's growth if it can surpass these levels.
However, if Injective fails to break through the $9.11 resistance level, as seen in early April, the price could slip below $8.4. This signals a retreat and could cause the Token to drop to $7.64, invalidating price appreciation prospects and erasing recent gains.
BNB's price is currently at $599, repeating a downward trend over the past 2 months. This altcoin is struggling to overcome the $611 resistance level. To break through this barrier, BNB needs strong support from the overall market or upcoming developments that could provide a catalyst for price movement and reversal.
A potential catalyst is the Lorentz opBNB mainnet Hard Fork, expected to occur today. This Hard Fork aims to increase the chain's speed and responsiveness. If successful, this could help BNB break the $611 resistance level and push the price to the next level of $647, boosting optimistic sentiment.
However, if the Hard Fork's impact does not meet expectations, BNB may struggle to maintain its upward momentum. In this case, the price could slide below the $576 support level, potentially dropping to as low as $550. This would invalidate the current price appreciation prospects and likely continue the downward trend.
You can view coin prices here.
Disclaimer: The article is for informational purposes only and is not investment advice. Investors should thoroughly research before making decisions. We are not responsible for your investment decisions.
Join Telegram: https://t.me/tapchibitcoinvn
Twitter (X): https://twitter.com/tapchibtc_io
Tiktok: https://www.tiktok.com/@tapchibitcoin
Youtube: https://www.youtube.com/@tapchibitcoinvn
Minh Anh
