3 Altcoins to Watch This Week as the Crypto Market Prepares for a Turnaround

While the crypto market started the week on a bearish note, upcoming developments may signal a potential turnaround.

The crypto market started the week on a bearish note, but upcoming developments may signal a potential turnaround. Several altcoins have key external factors impacting their price movement, offering investors opportunities for growth.

Benzinga has analyzed three altcoins to watch this week, exploring their potential price direction.

Movement (MOVE)

MOVE price has experienced a significant 44% correction over the past two weeks, currently trading at $0.305. This decline was notably steep in the last 24 hours, as MOVE formed a new all-time low (ATL) at $0.286, losing 23%.

Investors are left pondering what’s next for MOVE price as the token faces a downturn. The bleak outlook is supported by the upcoming token unlock on April 9, where 50 million MOVE worth over $15 million will enter circulation.

The influx of new tokens could increase supply, reducing demand, which may exacerbate the ongoing bearish trend. This could potentially drive the price even lower, continuing the downtrend.

Given these conditions, MOVE price may test the $0.286 level again, with the possibility of either holding as support or falling through, forming a new ATL.

However, if the market reaction is positive, we could see MOVE price reclaiming $0.374 and invalidating the bearish outlook, triggering a recovery.

EOS (EOS)

EOS has emerged as one of the best-performing tokens this week, recovering 57% towards the end of March. This positive momentum is a sign that the altcoin is nearing the end of its bearish streak.

Despite the recent gains, EOS faced a 15% pullback last week, currently trading at $0.72. It is holding steady above the $0.68 support, aiming to breach $0.76. This movement aligns with the potential formation of a Golden Cross, with the 50-day EMA nearing a crossover with the 200-day EMA.

If EOS fails to maintain the support at $0.68, it may drop to the next support level at $0.61. Losing this level would invalidate the bullish outlook and erase recent gains, signaling further challenges ahead for the altcoin.

Helium (HNT)

Helium’s price fell through the $2.30 support earlier in the day, dropping nearly 20% before recovering slightly. Currently trading at $2.39, the altcoin is showing some resilience.

However, the broader bearish cues still pose a threat to HNT’s price, leaving traders uncertain of its immediate direction.

This week, Helium is set to roll out significant updates, including HIP-103, which are likely to boost investor confidence, potentially driving HNT prices higher.

If the market reacts positively to these developments, HNT could see renewed momentum, with the potential for a price increase in the coming days.

If the market response is favorable, HNT price may rise toward $2.75, recovering most of the 20% loss from the past 24 hours.

However, if Helium fails to hold $2.30, the altcoin risks further decline, possibly falling to $2.00, which would invalidate the bullish outlook.