Jakarta, Pintu News – The crypto market slowed down last week after Bitcoin fell from its record high of $111,900 to below $104,000, triggering a massive sell-off in altcoins.
With investors starting to realize profits and important economic data such as nonfarm payroll soon to be released, the market’s attention is now on the next move.
This week, Pi Coin (PI), Immutable X , and Zebec Network (ZBCN) are some of the key tokens to watch as the market looks for the next trigger for movement.
Pi Coin is in the spotlight this week as the Pi Network is set to unlock a large number of tokens. Based on data from PiScan, a total of 277 million tokens will be unlocked throughout this month, with 67.3 million of them scheduled to unlock this week.
Read also: Predicted Pi Network Price at the End of 2025 – How Many Dollars?
This token unveiling comes amid the immense pressure Pi Coin has been under following the launch of Pi Network Ventures in May. Pi Coin’s price has plummeted to $0.6310 – its lowest level since May 8 and down 62% from its highest point this month.
Pi Coin has also broken an important support level at $0.6593, which was the low point on May 17. A drop below this level invalidates the previously formed double bottom pattern, where the neckline is at $0.8645.
As such, the current direction of Pi Coin’s price movement tends to be bearish, with the next downside target being the all-time low of $0.40.
Immutable X, a layer-2 blockchain network focused on the gaming industry, is one of the crypto assets to watch this week as it will be running its monthly token opening.
The tokens to be unlocked are worth approximately $19.2 million, equivalent to almost 2% of the total tokens in circulation. To date, Immutable has unlocked 90% of its tokens, with the last unlock scheduled for November.
The price of the IMX token has come under pressure in recent weeks, dropping to $0.5400 – its lowest point since May 8. Since its peak in May, the price has fallen by around 33%, and this downward trend could potentially continue ahead of the token’s opening.
If the selling pressure continues, IMX prices could drop further towards the important support level of $0.3458, which was the low point in April.
Read also: 3 Potential Crypto Recipients Worth Paying Attention to Before Bitcoin Soars!
Zebec Network was one of the coins that stole the show in May after surging to a record high of $0.007156 – up 925% from its April low.
The rally was further strengthened last week after Zebec acquired Science Card, a UK-based fintech company with over 50,000 users.
However, the price of ZBCN is now in the spotlight as it starts to lose momentum, possibly due to entering the distribution and markup phase of the Wyckoff Theory. The token’s price has corrected nearly 20% from its peak in May.
Unless there is a new major trigger, ZBCN risks continuing to weaken and potentially dropping to the psychological level at $0.00250.
That’s the latest information about crypto. Follow us on Google News to stay up-to-date on the world of crypto and blockchain technology.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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