The crypto market hit the brakes last week as Bitcoin slid from its record high of $111,900 to below $104,000, sparking a broader altcoin sell-off.
With investors locking in profits and key economic data like nonfarm payrolls on the horizon, all eyes are on what’s next.
This week, Pi Coin (PI), Immutable X (IMX), and Zebec Network (ZBCN) are among the top tokens to watch as the market searches for its next catalyst.
Pi coin at risk ahead of more token unlocks
Pi coin price | Source: crypto.news
Pi coin will be in the spotlight this week as the network unlocks tokens. PiScan data shows that it will unlock 277 million tokens this month, with 67.3 million being unlocked this week.
These unlocks come as the coin remains under intense pressure following the Pi Network Ventures launch in May. It has crashed to $0.6310, its lowest level since May 8, and 62% below the highest point during the month.
Pi coin has dropped below the key support level at $0.6593, its lowest point on May 17. Moving below that level invalidated the double-bottom pattern that was forming, whose neckline was at $0.8645.
Therefore, the path of least resistance for the Pi Network price is bearish, with the next target being the all-time low of $0.40.
Immutable X price braces for a big unlock
IMX price chart | Source: crypto.news
Immutable X, the gaming-focused layer-2 blockchain network, will be a crypto to watch as it executes its monthly token unlock. It will unlock tokens worth $19.2 million, equivalent to almost 2% of the float. Immutable has already unlocked 90% of all its tokens, with the final unlock expected to happen in November.
The IMX token price has come under pressure in the past few weeks, moving to a low of $0.5400, its lowest point since May 8. It has dropped by 33% from its highest point in May, and the downtrend may continue ahead of the unlock. More sell-off may see it drop to the key support at $0.3458, its lowest point in April.
Zebec Network loses momentum
ZBCN price chart | Source: crypto.news
Zebec Network was one of the breakout coins in May, jumping to a record high of $0.007156, up by 925% from its lowest level in April. The rally accelerated last week when it acquired Science Card, a British fintech company with over 50,000 users.
ZBCN price will be in focus this week as it loses momentum, possibly as it moves into the distribution and markup phase of the Wyckoff Theory. It has already pulled back by almost 20% from its highest point in May, and barring any major catalyst, the coin may drop to the psychological point of $0.00250.