Market bounce back: ARB and PYTH surge with double-digit gains, IMX maintains positive momentum.

The recovery of the crypto market is rising to the sky as Bitcoin (BTC) remains strong above the $108,000 mark and approaches its historical peak. In this context, altcoins like Arbitrum (ARB), Pyth Network (PYTH), and Immutable (IMX) stand out with impressive growth in the past 24 hours. This group of tokens is accelerating towards a long-term recovery cycle, with hopes of soon conquering and surpassing important resistance levels.

Arbitrum aims to break through the resistance above

As of the time of writing on Monday, Arbitrum (ARB) has only decreased slightly by 1%, following an impressive breakout of 18% yesterday. This altcoin is currently testing an important supply zone around $0.35, while maintaining a strong bounce back of 37% compared to last week.

If ARB can close above the highlighted supply area on the daily chart below, the uptrend will have a chance to be consolidated, with the next target being the 200-day (EMA) at the level of $0.45.

Daily ARB/USDT Chart | Source: TradingViewThe MACD indicator has issued a bullish crossover signal on Thursday – when the MACD line crosses above the signal line – indicating a clear upward trend is forming.

Meanwhile, the relative strength index (RSI) has surpassed the neutral threshold and reached 58, reflecting a strong increase in buying pressure.

However, if ARB is rejected at the current supply zone, a correction may occur, with the possibility of testing the 50-day EMA around the $0.34 level.

Pyth aims to break through the 50-day EMA

Pyth Network has recorded an impressive increase of 30% over the past week, bouncing back strongly after hitting the lowest point of the year at $0.080 on June 22. However, at the time of writing, the momentum is slowing as PYTH has decreased slightly by nearly 1% after a rise of 10.85% on Sunday.

Currently, this altcoin is struggling with the dynamic resistance level of the 50-day EMA around the $0.117 mark — where the first red candle has just appeared after a series of five consecutive rising sessions. A decisive breakout above this EMA could open up the opportunity for PYTH to reach the monthly peak at $0.131.

Daily chart of PYTH/USDT | Source: TradingViewNotably, the MACD indicator continues to strengthen the upward trend with green histogram bars extending above the zero line, indicating that bullish momentum is being maintained. At the same time, the RSI has bounced back strongly from the oversold zone last week, currently surpassing the neutral threshold and reaching 51 – a signal that buying pressure is returning to the market.

However, if the price cannot maintain its recovery momentum and turns to decline, the short-term downtrend may be extended, bringing PYTH back to the yearly bottom at $0.080.

IMX faces difficulties in approaching the resistance line

Immutable (IMX) is adjusting slightly by 1% in Monday's trading session, after being rejected at the 50-day exponential moving average (EMA) around the $0.50 mark. The impressive bounce back of 30% last week has brought the price to the long-term resistance line, established from the peaks on May 11, May 23, and June 11.

If IMX can close above both this trend line and the 50-day EMA, it will be a strong breakout signal, opening up the possibility of advancing to the monthly peak at $0.58.

Daily IMX/USDT Chart | Source: TradingViewThe MACD indicator has clearly signaled a buy on Wednesday, when the MACD line crossed above the signal line. At the same time, green histogram bars appeared above the zero line, further reinforcing confidence in the bullish trend that is forming.

The RSI index is also showing positive signs as it bounces back from the oversold zone and has now returned to the neutral zone, reflecting a significant decrease in selling pressure.

However, if IMX cannot maintain its upward momentum and closes below the recovery level of Sunday, the risk of returning to the lowest bottom of the year at $0.33 will become increasingly evident.

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