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The cryptocurrency market experienced a slowdown last week as Bitcoin dropped from its record high of $111,900 to below $104,000. This decline triggered a broader sell-off across altcoins, with many investors locking in profits ahead of critical economic data, such as nonfarm payrolls. As the market seeks its next catalyst, key tokens like Pi Coin (PI), Immutable X (IMX), and Zebec Network (ZBCN) are worth monitoring this week.
Pi Coin Faces Pressure Amid Upcoming Token Unlocks
Pi Coin has been under intense scrutiny as its network prepares to unlock more tokens. Data reveals that 277 million tokens will be unlocked this month, with 67.3 million scheduled for this week. This development follows the launch of Pi Network Ventures earlier this year, which has left Pi Coin struggling. The token recently dropped to $0.6310, marking its lowest level since May 8 and a 62% decline from its peak in the same month.
Pi Coin has fallen below a critical support level at $0.6593, invalidating a potential double-bottom pattern that had a neckline at $0.8645. As a result, the price outlook remains bearish, with the next target potentially being the all-time low of $0.40.
Immutable X Prepares for Token Unlock
Immutable X, a layer-2 blockchain network focused on gaming, is set to unlock tokens worth $19.2 million this week. This represents nearly 2% of its circulating supply. Notably, Immutable X has already unlocked 90% of its total tokens, with the final unlock expected in November.
The IMX token has been under pressure, dropping to $0.5400—its lowest level since May 8. This marks a 33% decline from its May high. If selling pressure continues, the token could test its next support level at $0.3458, which was last seen in April.
Zebec Network Struggles to Maintain Momentum
Zebec Network gained significant attention in May, surging to a record high of $0.007156—an impressive 925% increase from its April low. The rally was fueled by Zebec’s acquisition of a British fintech company with over 50,000 users. However, the token has since lost momentum, pulling back by nearly 20% from its May peak.
According to technical analysis, ZBCN may be entering the distribution and markup phase of the Wyckoff Theory. Without a major catalyst, the token could drop to the psychological support level of $0.00250.
The cryptocurrency market remains volatile, and these tokens highlight the importance of monitoring key developments. Whether you’re new to crypto or an experienced investor, staying informed about token unlocks and price movements can help guide your investment strategy.
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