Hot crypto assets market focus: ARB, PYTH double-digit pump, IMX rises

As Bitcoin (BTC) prices remain above $108,000 and are expected to set a new historical high, the overall cryptocurrency market is showing signs of recovery. In the past 24 hours, coins such as Arbitrum (ARB), Pyth Network (PYTH), and Immutable (IMX) have performed prominently. These competitive coins (altcoins) are trying to break through key resistance levels in hopes of continuing their rebound trend.

1. Arbitrum (ARB) Price Analysis

FXStreet analyst Vishal Dixit stated that as of the time of writing on Monday, the price of Arbitrum (ARB) has slightly decreased by 1%, having surged 18% the previous day. The ARB price had challenged the supply range of $0.35 and maintained a rebound of 37% from last week.

If the closing price is above the supply area marked in yellow on the daily chart below, it may push the upward trend towards the 200-day Exponential Moving Average (EMA) at $0.45.

The Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover on Thursday (the MACD line crossed above its signal line), which may indicate that an upward trend is forming.

The Relative Strength Index (RSI) has broken above the midpoint to 58, which may indicate that buying pressure has increased.

The reversal of the supply zone may lead to a retest of the 50-day EMA at $0.34.

(Source: Trading View)

2. Pyth Network (PYTH) Price Analysis

Pyth Network (PYTH) rose 30% last week after hitting a year-to-date low of $0.080 on June 22. As of this writing, PYTH has dipped nearly 1% after rising 10.85% on Sunday.

The competitive coin is currently having difficulty reaching the 50-day moving average of $0.117, resulting in its first appearance of a bearish K-line in the past five days. If it can effectively break through the dynamic resistance level, PYTH may further rise to the monthly high of $0.131.

The MACD indicator shows a continuously increasing green histogram above the zero line, which may indicate strengthening momentum and support for an upward trend.

The RSI quickly reversed from the oversold boundary last week, breaking through the midpoint to 51, which may indicate increasing buying pressure.

If a reversal occurs, it may continue the current downtrend, falling towards this year's low of 0.080 USD.

(Source: Trading View)

3. Immutable (IMX) Price Analysis

As of the time of publication on Monday, the price of Immutable (IMX) has dropped by 1%, reversing from the 50-day moving average of $0.50. Last week, a 30% rebound challenged the long-term resistance trend line formed by the peaks on May 11, May 23, and June 11.

If the daily closing price is above the trend line and the 50-day EMA, it may push IMX to reach a monthly high of $0.58.

On Wednesday, the MACD indicator triggered a buy signal (the MACD line crossed above the signal line). A new wave of green bars starting from the zero line may indicate that a bullish trend is forming.

The RSI has rebounded from the oversold boundary to reach the midpoint level, which may indicate that the current bearish pressure has decreased.

The closing drop has undermined Sunday’s rebound, potentially leading the price to fall to this year's low of $0.33.

(Source: Trading View)

Conclusion:

Against the backdrop of Bitcoin prices maintaining high levels, the rebound momentum of the crypto assets market has led to outstanding performances from certain competitive coins. Coins such as Arbitrum, Pyth Network, and Immutable are attempting to break through their respective key resistance levels. Market participants will continue to monitor whether these coins can sustain their upward momentum, as well as the impact of Bitcoin's subsequent trends on the overall market.