In a tepid week, Bitcoin (BTC) remained under $60,000 while Ethereum (ETH) wrestled with the $2,500 mark. Meanwhile, HNT and IMX have emerged as outliers, in a good way.
This week, BTC was 8% down, and most assets were pointing to the floor.
Per the crypto bubbles website, over the intraday trend, only two cryptocurrencies were in green among major reds.
Weekly Trend Of Top 100 | Source: Cryptobubbles
Except for Helium (HNT), and Immutable (IMX), others in the top 100 did not show significant gains, among those that gained.
Our analysis suggests these gainers will generate more green candles on the daily chart. Let’s delve into this week’s top gainers’ charts to find how big the gains are likely to be.
A Glance at HNT Price: An Elephant or a Paper Tiger?
Per the on-chain research from IXFI, HNT has a 0.62 price correlation with BTC, making it less likely to follow the legacy coin’s price activity. IMX has improved and is on a unique path.
HNT price has seen a more than 140% increase, driven by a breakout from a falling wedge pattern.
The daily chart’s upward movement has been stable despite major dips in the broader market. The $3.3-$3.5 demand zone facilitated the current trend. HNT is strong at this level.
Over the past week, consistent gains of 6.11% were recorded when HNT took support from the 20-day EMA band.
The price over the long term is very optimistic, as it remained above the 50-day and 200-day EMA bands in August. $9 and $10 are clear targets.
There’s a higher likelihood that the crypto will hit $14 by year-end, which would be a 100% jump.
However, if the price faces resistance from $8.0, then bears will treat $5.5 and $4.0 as support levels, respectively.
Is the Rocket About to be Launched With IMX Aboard?
The 33rd-largest cryptocurrency globally, IMX, showed a 3% gain in the past week. This momentum is likely to hold.
IMX had been on a steady fall for the last five months, marked by a series of lower lows that produced a falling wedge. It broke that falling wedge in style. Such a breakout indicates a shift toward bullishness in the long term.
Presently, IMX is struggling to move past $1.5, but it’s above the 20-day and 50-day EMAs, signifying a significant bullish presence.
Potential support levels for the IMX are $1.250 and $0.901, while resistance levels are expected at $1.550 and $1.752, respectively.
