Top Cryptocurrencies to Watch This Week: HYPE, Horizen, IMX

This week, watch altcoins Hyperliquid (HYPE), Horizen (ZEN), and Immutable X (IMX) as key events and technical movements could impact their price actions.

As we approach the holiday season, crypto markets are likely to experience lower trading volumes, but key developments could still influence market sentiment. Here are three cryptocurrencies to keep an eye on this week.

Hyperliquid (HYPE) Surge Continues

Hyperliquid (HYPE), which launched its airdrop on November 29, has surged nearly 200%, hitting an all-time high of $35.18. With a market cap of $9.2 billion and a fully diluted valuation of $33.7 billion, HYPE’s rapid growth is largely attributed to its dominance in the decentralized perpetual trading sector.

Hyperliquid saw $52 billion in perpetual futures volume over the past week, outpacing its competitors. Its total value locked (TVL) hit $3.4 billion, a massive jump from $188 million in October. HYPE's price is approaching a critical resistance level at $34.8. If it breaks this barrier, it could see further gains, possibly reaching $40.

Horizen (ZEN) Price Surge

Horizen (ZEN) is experiencing a strong rally, reaching its highest level since May 2022. The price surge follows the launch of the Grayscale Horizen Trust, which gives investors easier access to ZEN.

Additionally, ZEN was listed on the Gains Network platform. The excitement surrounding these events, along with the recent halving on December 12, has fueled the bullish momentum. ZEN has broken past the $18 resistance level and analysts believe it could continue rising to $45, a 53% increase from its current price.

Immutable X (IMX) Faces Decline Ahead of Token Unlock

Immutable X (IMX) has seen a decline in price leading up to the unlock of 24.5 million IMX tokens, worth $33 million, on December 27. This event could increase the token supply and put pressure on its price, which is approaching critical support at $1.1720. If the unlock causes more downward pressure, IMX may face further volatility before finding stability.

These three cryptocurrencies offer unique opportunities for traders this week, with technical movements and upcoming events to watch closely.