Date: Wed, February 26, 2025 | 05:58 AM GMT
In the cryptocurrency market today, major altcoins are making a strong recovery after facing a sharp sell-off yesterday. Following this, two top altcoins, Maker (MKR) and Immutable (IMX), are coming into the spotlight with strong bounces from their 24-hour lows. MKR has recorded an impressive 23% surge, while IMX has jumped 12%.
Source: Coinmarketcap
Both tokens are approaching key resistance levels within their falling wedge patterns, and potential breakouts could lead to further upside movement.
Maker (MKR) Analysis
MKR’s weekly chart highlights a falling wedge pattern that formed after a rejection from the April 2024 high of $4,068. The most recent correction saw MKR plummet to a low of $800, where it tested the lower trendline of the wedge.
Maker (MKR) Weekly Chart/Coinsprobe (Source: Tradingview)
However, MKR has now rebounded to $1,678 and is inching towards the upper resistance of the wedge, with the 100 & 200 moving averages acting as resistance. If the price breaks out and successfully retests this wedge, the next key resistance lies at $2,424, representing a 43% increase from the current price.
The MACD on the weekly chart is showing early signs of a bullish crossover, with the MACD line crossing above the signal line. Additionally, the histogram is shifting toward the positive zone, indicating a weakening bearish momentum.
Immutable (IMX) Analysis
IMX is also following a similar falling wedge pattern to MKR, which formed after a sharp rejection from the December 4 high of $2.24. The recent correction saw IMX plummet to a low of $0.59.
Immutable (IMX) Daily Chart/Coinsprobe (Source: Tradingview)
However, IMX has now bounced to $0.71 and is approaching the upper resistance of the wedge. If the price breaks out and successfully retests this wedge, the next key resistance lies at the 25-day moving average.
A decisive move beyond this level could lead the price to the next resistance levels of $0.86 and $1.18, representing a 69% increase from the current price.
Final Thoughts
Both MKR and IMX are approaching key resistance trendlines, hinting at the possibility of a trend reversal. However, their next moves will largely depend on the broader market, particularly Ethereum (ETH) and Bitcoin dominance.
If ETH continues its recovery and BTC dominance starts to decline, it could provide additional momentum for altcoins, helping MKR and IMX break out of their wedge patterns and confirm a bullish shift.
For now, traders should closely monitor breakout confirmations, as these could signal the next major move for both tokens.
Disclaimer: The article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
