- The crypto market experienced a sharp drop as Bitcoin fell from $111,900 to below $104,000, resulting in widespread altcoin declines.
- Investors are closely watching key tokens, including Pi Coin, Immutable X, and Zebec Network, for the next market catalyst.
- Pi Coin is set to unlock 67.3 million tokens this week, which may increase selling pressure after already falling to $0.63, down 62% from its May peak.
- Immutable X will unlock about $19.2 million in tokens, representing nearly 2% of the circulating supply, as its token price drops to $0.54.
- Zebec Network is losing momentum after a strong rally in May, with prices pulling back almost 20% from their highest point.
The crypto market took a downturn last week as Bitcoin dropped below $104,000 after reaching a record $111,900. This sharp fall triggered a wave of selling across alternative digital coins, leading to more cautious investor activity.
Market observers note that the upcoming release of major economic data, such as nonfarm payrolls, could further impact digital assets. As traders await new developments, particular focus is on Pi Coin (PI), Immutable X (IMX), and Zebec Network (ZBCN) as potential drivers in the next phase.
Pi Coin faces increased supply this week as the network unlocks 67.3 million tokens, part of a larger unlock of 277 million tokens in June, according to PiScan data. The coin has been under continued pressure since the launch of Pi Network Ventures in May and now trades at $0.63, the lowest since early May. Pi Coin has fallen below the important support level of $0.66. Market data shows a loss of 62% from its highest point in May, with the next key support at $0.40.
Immutable X, a layer-2 blockchain specializing in gaming, is scheduled to unlock new tokens worth $19.2 million, about 2% of its current supply. Nearly all tokens have already been released to the market, with the final unlock expected in November. The IMX token now trades at $0.54, its lowest since May 8, after a 33% drop from its monthly high. If the price drop continues, analysts point to $0.35 as the next support level.
Zebec Network surged by 925% from April to a May high of $0.0072, helped by the acquisition of the British fintech company Science Card. With recent gains fading, the token has already fallen nearly 20% from May’s peak. Technical analysis links the pullback to a common distribution phase, with $0.0025 seen as a possible next floor.
All three tokens remain in focus as traders look to upcoming token unlocks, technical price zones, and broader economic indicators for the market’s next move.
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