Following a strong close to April, the Crypto Market Rebounds is poised to continue its upward trend. With specific prominent cryptocurrencies, such as Immutablex (IMX), Morpho, and Turbo, leading the way, the recovery signs of the larger market indicate increasing interest among retail investors. Over the past 24 hours, these altcoins have seen some of the most significant increases.
Crypto Market Hits $3.12T
Following a 10% rise in the last eight days of April, the overall market capitalisation topped $3 trillion. Friday finds it at $3.12 trillion. According to Santiment’s biweekly market update, this remarkable rise reflects the growing interest among retail investors. The market analytics company observed that this unexpected comeback has drawn investor focus toward lesser-known cryptocurrencies.
Many investors assume more risks in pursuit of even better returns when Bitcoin experiences an early surge and then begins to slide sideways. Furthermore, Santiment predicts a substantial recovery of meme coins, indicating a shift in sentiment toward high-risk tokens. Investors appear to be shifting toward speculative assets, prioritising short-term rewards, as trading volume for these tokens surges.
Rising to 67 from a level of extreme dread (18) noted just a few weeks earlier, on April 9, the Crypto dread and Greed Index shows a noteworthy indication of market optimism. Following a series of events, including tariff deferrals and trade tensions between the United States and China, this change has occurred.
IMX Bulls Target Higher Levels
ImmutableX exhibits significant positive momentum at $0.66. At $0.56, the coin remains above the 50-day exponential moving average (EMA), indicating a favorable technical picture that supports this rise. Breaking the top decreasing trendline, the token shows that bulls are driving for higher degrees.
A purchase signal from the Moving Average Convergence Divergence (MACD) indicator helps to validate IMX’s positive outlook. The MACD line crossed above the signal line in mid-April, indicating another potential buying opportunity. A later alert on April 22 stated that IMX would soon fly above $1.00. IMX’s rising momentum may be limited by the resistance it currently faces at the 100-day and 200-day EMASAS levels ($0.70 and $0.95, respectively). Traders should keep a close eye on these levels, as a break below the 50-day EMA at $0.56 would likely lead to the April bottom being retested around $0.35.
Morpho Faces Key Levels
After a big surge from its April low of $0.82, Morpho’s price has steadied. After a wedge formation breakout on April 17, Morpho encountered resistance at $1.45 during the Asian session on Friday; at current trading value, $1.43. Supported by a SuperTrend buy signal and a MACD crossing above the mean line, the uptrend stays unbroken.
Should Morpho be able to surpass the 100-day EMA resistance at $1.56, it may be on course for a short-term goal of $2.00. Conversely, should a reversal occur, support at the 50-day EMA, around $1.26, will be absolutely vital in preventing further losses and possibly retesting the April low of $0.82.
Turbo Rally Faces Resistance
Rising amid the April surge, meme coin Turbo keeps riding its bullish wave. Now trading at $0.0049, the cryptocurrency has experienced a remarkable 256% increase in value. Key support comes from the 200-day EMA around $0.0045, which helps traders consider exposure as they anticipate a breakout to the psychological resistance level at $0.01, thereby reducing downside risks.
Resistance zones at $0.0060 and $0.0072, however, could complicate the rally and potentially lead to profit-taking. Should Turbo experience notable selling pressure, the token may challenge support at the 50-day Exponential Moving Average ($0.0031) or the 100-day Exponential Moving Average ($0.0037).
