In the cryptocurrency market today, there is a significant recovery after yesterday’s sell-off. Notably, Maker and Immutable are in the spotlight.
Maker (MKR) Analysis
MKR's weekly chart indicates a falling wedge pattern formed after a rejection at $4,068 in April 2024. The recent correction brought MKR down to $800, where it tested the wedge’s lower trendline. However, MKR has rebounded to $1,678 and is approaching the wedge's upper resistance, with the 100 and 200 moving averages acting as barriers. If it breaks out and successfully retests, the next key resistance could be at $2,424, a 43% increase from the current price. The MACD on the weekly chart is starting to show bullish signals.
Immutable (IMX) Analysis
IMX is following a similar falling wedge pattern, formed after the high of $2.24 in December. The recent low brought it down to $0.59. However, IMX has bounced back to $0.71, nearing the wedge's upper resistance. If it breaks and successfully tests this, the next resistance levels could be at $0.86 and $1.18, a 69% increase from its current price.
Conclusion
Both tokens are nearing critical resistance lines, suggesting a potential trend reversal. Their future movements will largely depend on the broader market, including Ethereum dynamics and Bitcoin dominance. Monitoring for breakout confirmations is crucial as they might indicate significant token movement.
Maker and Immutable's future action in the crypto market is expected to hinge on Ethereum sentiments and Bitcoin dominance.
