Cryptocurrencies to Watch This Week: Pi Coin, Immutable X, Zebec Network

Cryptocurrencies to watch this week include Pi coin (PI), Immutable X (IMX), and Zebec Network (ZBCN). Pi coin is at risk due to upcoming token unlocks, while IMX will unlock $19.2 million in tokens, equivalent to almost 2% of its float. ZBCN, which rose 925% in May, has lost momentum and its price will be in focus this week.

This week, the crypto market continues to face significant headwinds, with Bitcoin's recent drop from its record high sparking a broader altcoin sell-off. Investors are closely monitoring key economic data and the performance of several cryptocurrencies. Among the top tokens to watch are Pi Coin (PI), Immutable X (IMX), and Zebec Network (ZBCN).

Pi Coin (PI)

Pi Coin (PI) is at risk due to upcoming token unlocks. According to PiScan data, the network will unlock 277 million tokens this month, with 67.3 million being unlocked this week. These unlocks come as the coin remains under intense pressure following the Pi Network Ventures launch in May. Pi Coin has crashed to $0.6310, its lowest level since May 8, and 62% below its highest point during the month. The coin has dropped below the key support level at $0.6593, its lowest point on May 17, invalidating the double-bottom pattern that was forming [2].

Immutable X (IMX)

Immutable X, the gaming-focused layer-2 blockchain network, will be a crypto to watch as it executes its monthly token unlock. It will unlock tokens worth $19.2 million, equivalent to almost 2% of its float. The IMX token price has come under pressure in the past few weeks, moving to a low of $0.5400, its lowest point since May 8. It has dropped by 33% from its highest point in May, and the downtrend may continue ahead of the unlock. More sell-off may see it drop to the key support at $0.3458, its lowest point in April [2].

Zebec Network (ZBCN)

Zebec Network (ZBCN) was one of the breakout coins in May, jumping to a record high of $0.007156, up by 925% from its lowest level in April. The rally accelerated last week when it acquired Science Card, a British fintech company with over 50,000 users. However, ZBCN has lost momentum and its price will be in focus this week. It has already pulled back by almost 20% from its highest point in May, and barring any major catalyst, the coin may drop to the psychological point of $0.00250 [2].

Investors should closely monitor these cryptocurrencies as they navigate potential price movements and market dynamics.

References:

[1] https://coinpedia.org/price-analysis/pi-coin-price-faces-bearish-storm-as-263m-token-unlock-looms-can-bulls-defend-0-741/
[2] https://crypto.news/cryptocurrencies-to-watch-this-week-pi-immutable-zebec/