Introduction
As we enter the last month of Q3, the question resurfaces regarding what the market holds for crypto assets. While the overall market indicators lean toward mild to strong bearishness for the future, significant network developments could alter the trajectory of certain altcoins.
CFX (Conflux)
The price of CFX is set for a possible surge this week as the network gears up for the Conflux 3.0.1 hardfork upgrade. This update will enable CIP 156, a crucial enhancement aimed at improving network performance. Such advancements often act as catalysts for positive market sentiment towards the native altcoin.
Historically, network upgrades indicate bullish potential, and CFX might experience a similar benefit. The altcoin could bounce back from the support level of $0.178, potentially breaking through the resistance at $0.196. A successful movement above $0.200 would confirm renewed investor confidence, assuming the market reacts favorably to the hard fork’s implementation and expected advantages.
If the upgrade fails to gain enough momentum, CFX might remain below the $0.196 resistance. Ongoing weakness could drive the token down past the $0.178 support, potentially targeting $0.170 or lower. Such a scenario would hinder any recovery attempts.
ONDO
Currently trading at $0.872, ONDO has dipped just under its support level of $0.873. The altcoin is exhibiting mild bearishness, marked by the formation of a Death Cross on the exponential moving averages. This technical indicator raises caution, implying that downward pressure could persist.
Despite the present weakness, ONDO is gearing up for a major announcement set for September 3. Last week, the project teased this development by stating, “Markets Are Going Global.” This update is expected to significantly broaden ONDO’s reach.
If the announcement is well-received, ONDO could rebound from $0.873, potentially turning $0.944 into a support level. Such momentum may drive the altcoin towards $1.076, reclaiming lost territory. Conversely, if the Death Cross trend deepens and buyers remain reluctant, ONDO might slide down to $0.800, further extending investor losses.
IMX (Immutable)
IMX has been on a downward trend over the last few weeks and is currently priced at $0.498. This price is testing the support level, creating a crucial zone for the altcoin. The Ichimoku Cloud, however, indicates that bullish momentum may be on the horizon, suggesting a potential recovery phase for Immutable’s native token.
More Read
Investors should remain vigilant as 24.52 million IMX tokens, worth over $12 million, are set to unlock soon. The increased supply could exert significant selling pressure on the market. If demand does not absorb this influx, IMX may drop toward $0.470 or even $0.432, leading to further losses.
Alternatively, if bullish sentiment prevails, IMX might hold above $0.498 and stabilize. Stronger market cues could propel the token past $0.548, establishing a new support level. Such movement would counteract the bearish momentum and pave the way for recovery.
