Will SEI and IMX Maintain Bullish Momentum Amidst KAS’s Dip?

Immutable (IMX), Kaspa (KAS), and Sei (SEI) have seen a surge upwards in the positive direction within a week due to optimism on the crypto market occasioned by the rally that Bitcoin has had to $51K. Nonetheless, the bullish momentum has weakened as profit-taking and market corrections set in.

Consequently, Immutable (IMX) fell in the last 24 hours after failing to surpass the resistance established at an intra-day peak of $3.04. Consequently, IMX hit an intra-day low of $2.85, which support held before slightly recovering to $2.99.

If the bullish trend manages to break the resistance level, the next level to keep an eye on is $3.15. However, if bearish sentiment takes over, IMX could drop below the support level of $2.85 and test lower levels of support.

IMX/USD 24-hour price chart (source: CoinStats)

However, during the recovery, IMX’s market capitalization increased by 2.38% to $4,059,645,838, but 24-hour trading volume decreased by 38.16%. This tendency indicates that the market still needs to be clearer about IMX’s future trajectory.

KAS/USD

Kaspa (KAS) has been in a bearish rally in the last 24 hours, falling from an intra-day high of $0.1438 to a low of $0.1356. KAS at press time, as a result, was still under selling pressure, trading at $0.141, a 1.65% drop from the intraday high. A breach below this support level, however, may dip the price to the next support level at $0.1300 or $0.1250.

KAS’s market capitalization and 24-hour trading volume dropped by 1.45% and 20.18%, respectively, to $3,205,889,135 and $45,102,814. This decline in market capitalization and trading volume implies that KAS might be losing its investors’ confidence.

KAS/USD 24-hour price chart (source: CoinStats)

SEI/USD

On the other hand, the Sei (SEI) bullish recovery just ended the bear rally by finding support on the 24-hour bottom at $0.7215. As a result, the SEI price skyrocketed to equal $0.83 at press time, representing an 11.55% increase from the support. This trend indicates a change in investors’ approach to SEI that may cause prices to rise.

During the rally, SEI’s market capitalization and 24-hour trade volume surged by 11.35% and 8.39% to $2,006,727,228 and $476,251,290, respectively.

SEI/USD 24-hour price chart (source: CoinStats)

Should the bulls break the resistance level, the next one to watch would be a new all-time high for SEI above $0.8755, only about a month ago.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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