The crypto market entered the new week on strong footing, with Bitcoin hitting its highest level since February and the total market cap surpassing $3 trillion. Now, all eyes are on two key macroeconomic events: the U.S. Federal Reserve’s interest rate decision on Wednesday, and fresh signs of thawing trade tensions between the U.S. and China. Both could become bullish tailwinds.
Beyond macro developments, three altcoins — Immutable (IMX), Ethena (ENA), and IOTA — are grabbing investor attention due to major internal catalysts unfolding this week.
Immutable (IMX): Token Unlock on Tuesday
Immutable X, a major Ethereum layer-2 solution for NFTs and gaming, is preparing for a $10.4 million token unlock scheduled for Tuesday. This represents around 1% of the circulating supply, according to DeFi Llama, and follows the release of 89% of the total supply to date. The final unlock is expected in November 2024.
From a technical perspective, IMX has climbed from April’s low of $0.34 to around $0.60. The chart shows an inverse head-and-shoulders pattern, signaling potential upside continuation if sentiment holds.
Ethena (ENA): Major Unlock Ahead of May 5
Ethena, the issuer of USDe, now the fourth-largest stablecoin, is preparing to release $23 million worth of ENA tokens on Monday, May 5. This is part of its monthly unlock schedule of 171.88 million tokens, continuing through 2028.
However, price action looks cautious. ENA has slipped below its 50-day moving average and sits outside the upper trendline of its descending channel. If bearish pressure persists, the next support could be $0.2520, with a psychological floor at $0.20.
IOTA: Game-Changing ‘Rebased’ Upgrade
IOTA, often dubbed a “sleeping giant,” is about to deploy its most transformative upgrade yet: Rebased. This upgrade will push the network into full decentralization, thanks to 150+ validators.
Rebased brings more than governance changes — it introduces move-based smart contracts, a leap that brings IOTA closer to competing with platforms like Ethereum and Cardano. It will also offer holders a way to earn monthly returns, strengthening IOTA’s utility and staking appeal.
Final Takeaway
While macro events like the Fed’s rate outlook may drive the broader market, IMX, ENA, and IOTA are set for volatility based on tokenomics and protocol evolution. Traders and investors alike should watch for price reactions around these internal catalysts to capitalize on potential momentum shifts.
