Amid rising price volatility in the cryptocurrency market, top tokens have displayed increased buying and selling pressure over the past few days. Moreover, the largest altcoin, Ethereum price has successfully reclaimed the $2.5K level.
Following this, mid-cap altcoins have recorded a similar price action. This has resulted in many tokens recording a double-digit gain. With the current market and social sentiments, is this the right time to invest in these altcoins to maximize profits during the upcoming crypto bull run?
Dive in as, in this article, we have covered the potential price targets, price analysis, and market sentiments of ImmutableX (IMX) and Optimism (OP) crypto tokens.
ImmutableX Price On The Verge Of A Major Breakout?
After recording a drop of over 5% during the past, the IMX price has successfully regained momentum and added 3.48% in the past day. Further, with a jump of 19.83% over the past week, it has secured the 33rd position in the global crypto list with a market cap of $2.344 billion.
The Simple Moving Average (SMA) constantly acts as a support to the IMX price chart in the 1D time frame. However, the MACD shows a constant green histogram with a constant flatline. This suggests an increase in the buying pressure within the crypto market.
If the bulls break out of the resistance trendline, the ImmutableX price will prepare to test its upper resistance level of $1.925. Conversely, if the bears regain power, this altcoin will plunge toward its crucial support level of $1 in the coming time.
Optimism Price Fails To Breach Its Important Resistance Level
Despite recording a jump of approximately 4% in the past day, the OP price has dropped 1.39% over the past week and 14.59% during the past month. Further, it has recorded a Year-to-Date (YTD) return of -59.93%. This indicates a long-term bearish sentiment in the crypto space.
The Relative Strength Index (RSI) continues hovering close to its mid-point in the 1D time frame. Conversely, the EMA 50-day acts as a resistance. This highlights a mixed price sentiment for the altcoin in the cryptocurrency market.
If the market regains momentum, the OP price will head toward its upper resistance level of $2.025 during the upcoming weeks. On the flip side, if the bulls fail to gain power, the Optimism price will retest its low of $1.060.
