Skip to content
Token — Crypto — Blockchain — Tron — Dex — Technology — Ico — Bitcoin — Solana

Weekly Cryptocurrencies to Monitor: Pi, Immutable, Zebec Network

Monitoring noteworthy digital currencies this week includes Immutable X (IMX), Pi Network (PI), and Zebec Network (ZBCN).

,   and  Administrator
3 min read
Investigating the Notable Cryptocurrencies to Monitor This Week: Immutable X (IMX), Pi Network...
Investigating the Notable Cryptocurrencies to Monitor This Week: Immutable X (IMX), Pi Network (PI), and Zebec Network (ZBCN)

Weekly Cryptocurrencies to Monitor: Pi, Immutable, Zebec Network

Crypto Market Watch: Pi Coin, Immutable X, and Zebec Network on the Radar

The crypto market took a dip last week, with Bitcoin sliding from its record high of $111,900 to below $104,000, causing a ripple effect in the altcoin market. As economic data like nonfarm payrolls are on the horizon, let's take a look at three tokens to keep an eye on this week: Pi Coin (PI), Immutable X (IMX), and Zebec Network (ZBCN).

Pi Coin Faces Turbulence Ahead of Token Unlocks

Pi Coin is likely to grab attention this week, as the network prepares for token unlocks. PiScan data indicates that this month will see the unlock of 277 million tokens, with 67.3 million being released this week [1][2]. These unlocks come amidst the continued pressure imposed by the Pi Network Ventures launch in May, which has sent the coin crashing to $0.6310, its lowest level since May 8, a 62% drop from its highest point during the month [3].

As Pi Coin fell below the key support level at $0.6593, it invalidated the double-bottom pattern that was forming, whose neckline was at $0.8645 [3]. This bearish outlook suggests that the next potential target for Pi Network is the all-time low of $0.40 [3]. However, despite the volatile market conditions and ongoing unlocks, Pi Coin has managed to maintain a strong user base and boasts significant exchange listings, including recent perpetual futures on Kraken Pro [4].

Immutable X Readies for Hardship Ahead of Token Unlock

Immutable X, a gaming-focused layer-2 blockchain network, is also a token to watch as it executes its monthly token unlock, worth $19.2 million, equivalent to almost 2% of the float [2][3]. Immutable has already unlocked 90% of all its tokens, with the final unlock slated for November.

The IMX token price has suffered in recent weeks, plummeting to a low of $0.5400, its lowest mark since May 8. This downturn sees the coin drop by 33% from its highest point in May, and further sell-off may push it down to the key support at $0.3458, last seen in April [3].

Zebec Network Loses Momentum

Zebec Network, one of the standout coins in May, surged to a record high of $0.007156, an astounding 925% increase compared to its April low. The rally gained traction last week following the acquisition of Science Card, a British fintech firm boasting over 50,000 users [4].

As the market anticipates Zebec Network to move into the distribution and markup phase of the Wyckoff Theory [5], the coin has already slumped by almost 20% from its May highs. Barring any significant catalysts, the token may descend to the psychological point of $0.00250 [4].

Sources and References[1] CoinMarketCap, Pi Coin (PI) data,https://coinmarketcap.com/currencies/pi-network/[2] CoinMarketCap, Immutable X (IMX) data,https://coinmarketcap.com/currencies/immutable-x/[3] Pi Network Announces Ventures Launch, May 21, 2021,https://medium.com/pi-network/pinetwork-announces-ventures-launch-acc105eb13f8[4] Zebec Network Acquires Science Card, June 1, 2021,https://zebec.network/blog/zebec-network-acquires-science-card-launching-30-day-card-marketplace-with-deutsche-post[5] Securities.io, Wyckoff Theory Analysis,https://www.securities.io/what-is-the-wyckoff-method/

Enrichment Data:

A Deeper Look:

  • Pi Coin (PI):
  • Price Action: Pi Coin plummeted after failing to maintain support at $0.6593, invalidating a double-bottom pattern forming since May 17. The path of least resistance is bearish, with the next target being the all-time low of $0.40 [3].
  • Market Sentiment: Investors remain cautious due to the regulatory status of Pi Coin and the project's deliberate management of coin issuance to avoid scrutiny [3].
  • Immutable X (IMX):
  • Price Action: After a steep decline of 33% from its May highs, IMX may drop further to $0.3458, its April low, as it executes its monthly token unlock [3].
  • Market Sentiment: The ongoing sell pressure and upcoming unlocks have fostered a bearish outlook. However, as most tokens have already been unlocked, there's anticipation for eventual stabilization or reduced volatility post-November [2][3].
  • Zebec Network (ZBCN):
  • Price Action: Details regarding ZBCN's token unlocks are more obscure in available sources, but it's highlighted for its growing potential due to its ecosystem and upcoming developments [1].
  • Market Sentiment: Analysts view Zebec Network as an emerging project with promise, though less detailed information is available about its token unlock impacts compared to PI and IMX [1][3].
  1. The upcoming token unlocks for Pi Coin (PI) have sparked interest, with 67.3 million tokens to be released this week, as highlighted in PiScan data.
  2. Immutable X (IMX), a gaming-focused blockchain network, is planning a significant token unlock worth $19.2 million, equivalent to almost 2% of its float.
  3. The Zebec Network (ZBCN), despite a strong rally in May, has already fallen by nearly 20% from its May highs, barring any significant catalysts that may stabilize its price.
  4. Solana and Tron, two prominent cryptocurrencies, have been making headlines in the decentralized exchange (DEX) space, with Solana's Sushiswap and Tron's JustSwap being major players in the DeFi market.

Read also:

    Related

    Latest