Cryptocurrencies to keep an eye on this week: IOTA, Ethena, and Immutable
Last week saw strong cryptocurrency performance, with the market capitalization of all coins reaching over $3 trillion and Bitcoin reaching its highest level since February.
The primary driver of Bitcoin’s decline of -0.96% the Federal Reserve’s interest rate decision this Wednesday will affect Bitcoin and other cryptocurrencies. Crypto prices will rise in response to indications that the Fed may lower interest rates three times this year. Indications that the US and China are discussing ending the current trade war will be the second possible trigger. Certain cryptocurrencies will have internal catalysts, such as Ethena Ethena Ena -2.51%, Immutable Imx -6.06%, and IOTA (IOTA).
Unlocking an immutable X token
One of the most important cryptocurrencies to keep an eye on this week is Immutable X, a top layer-2 network centered on gaming and non-fungible tokens.
A significant token unlock that is planned for Tuesday will serve as the primary catalyst. DeFi Llama claims that the network will release $10.4 million worth of tokens, or 1% of the total value of the float. 89% of Immutable’s tokens have already been unlocked, and the last one is expected to be unlocked in November of this year.
According to the daily chart, the price of the IMX token dropped to $0.34 in April before rising to $0.60. It is still 85% lower than its peak in November of last year. More increases later this week are indicated by the token’s formation of a tiny inverse head and shoulders pattern.
Ahead of the Ethena token unlock
Ethena will be the second key token to keep an eye on. On Monday, May 5, the inventor of USDe, the fourth-largest stablecoin, will be the center of attention as it unlocks tokens valued at $23 million. Its monthly timetable, which distributes 171.88 million ENA tokens, includes this unlock. In 2028, its unlocks will come to an end.
Prior to the token unlock, the price of Ethena has been under pressure. It is now below both the upper side of the declining channel and the 50-day moving average. As a result, the token can continue to decline as sellers aim for the psychological point at $0.20 and the crucial point at $0.2520.
IOTA Rebased upgrade
As it introduces its Rebased upgrade this week, IOTA, a major participant in the cryptocurrency market, will be the center of attention. The largest update in its history will be rebased.
With the help of more than 150 validators, Rebased will achieve complete decentralization. As with previous networks, holders will be able to produce a monthly return thanks to this decentralization.
Additionally, move-based smart contracts will be introduced, enabling programmers to create decentralized applications. It will now directly compete with other networks like as Cardano (ADA) and Ethereum (ETH).
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