The crypto market has shown limited favorability to bulls over the past week. However, certain altcoins continue to register gains driven by external developments. Others are sustaining their uptrend, edging closer to all-time highs.
BeInCrypto has identified three key altcoins poised for significant movement in the next seven days.
SponsoredAvalanche (AVAX)
AVAX is poised for significant volatility this week as 1.67 million AVAX tokens, valued at over $42.5 million, are set to be unlocked. Token unlock events often influence price movement as they introduce additional liquidity.
Historically, AVAX has seen bullish momentum before major unlock events as traders anticipate increased activity. Currently trading at $25.44, the altcoin is only 5% away from surpassing the $26.95 resistance. If this level is reclaimed as support, AVAX could rally toward the critical barrier of $31.15, reinforcing investor confidence.
However, failure to break through $26.95 could trigger a bearish reaction. If the token unlock does not generate sufficient buying pressure, AVAX may decline to $22.70. A further drop below this support could extend losses, shifting sentiment toward caution and delaying any potential recovery in the short term.
Mantra (OM)
OM has remained resilient amid bearish market conditions, avoiding sharp corrections. Currently trading at $6.15, the altcoin has shown strong price stability. This performance sets OM apart from other cryptocurrencies struggling to hold key support levels.
SponsoredWith OM maintaining support at $5.65, it is now less than 5% away from its all-time high (ATH) of $6.48. The altcoin appears poised to break this barrier, potentially forming a new ATH this week. Strong buying pressure and favorable market conditions could drive further gains, attracting more investors.
However, a decline below $5.65 could invalidate the bullish outlook. If selling pressure increases, OM may drop below $5.00, signaling a shift in momentum. Such a move could weaken investor confidence, delaying any potential recovery in the short term and pushing the price into a bearish phase.
THORChain (RUNE)
RUNE is set to experience bullish momentum this week, driven by the upcoming V3.20 release. This update will permanently retire the “mimir” key, which has long been a point of contention within the THORChain community.
With strong community support for the update, RUNE’s price could capitalize on the bullish sentiment. If buying pressure increases, the cryptocurrency could break through the $1.39 resistance and rally toward $1.70. This move would mark a 30% increase, reinforcing confidence in THORChain’s long-term development and governance improvements.
However, failure to breach the $1.39 resistance could dampen bullish momentum, leading to a potential price drop. If selling pressure increases, RUNE may decline to $1.11, delaying recovery efforts. This scenario could shift market sentiment, prompting cautious trading behavior among investors in the short term.
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