Immutable’s (IMX) price has been on a significant downtrend recently, falling to multi-year lows. The token has suffered a sharp decline, and its price is currently hovering around $0.433. 

If the current trend continues, there is a possibility that IMX could form a new all-time low (ATL).

Immutable Investors Are Giving Up

The supply of Immutable on exchanges has risen dramatically in the past two weeks. A total of 30 million IMX tokens have been added, increasing the overall supply to 165 million IMX. This surge in supply is worth approximately $13 million and indicates a shift in investor sentiment. 

As investors begin to sell off their holdings, this suggests growing skepticism about the token’s future prospects. The trend has led to an increase in selling pressure, which further exacerbates the current price decline.

The overall macro momentum for Immutable appears to be unfavorable at this point. Active addresses, which measure the number of unique addresses engaging with the network, are at a low level. The lack of participation reflects investor hesitation and reduced confidence in the token’s potential.

When fewer addresses are interacting with the network, it generally indicates a lack of new capital entering the market. As a result, this decline in activity has contributed to the negative sentiment surrounding IMX.

IMX Price Needs A Reversal

IMX price is down nearly 40% over the past two weeks, with the 30 million token sell-off playing a significant role in the decline. At the time of writing, the price is at $0.433, holding just above the critical support level of $0.400. If this support is broken, the price could fall further, potentially reaching $0.375 or below, resulting in a new all-time low.

The continued drawdown suggests that the token may not see a recovery soon unless the market conditions improve. If IMX manages to hold above $0.400, there is a slim chance it could stabilize before testing further resistance levels. However, breaking through the $0.400 support would likely lead to more losses.

For a more optimistic scenario, IMX would need to reclaim the support level of $0.508. This could pave the way for a potential recovery, allowing the price to rise toward $0.684.

A successful breach of these levels could invalidate the bearish outlook and offer some hope for reversing recent losses.

The US Securities and Exchange Commission (SEC) has issued one of its most definitive statements yet on the regulatory treatment of stablecoins.

In a move that could reshape the market, the agency clarified that certain stablecoins, under specific conditions, do not fall under the definition of securities.

Tether Considers Shifting Strategy with SEC’s New Update

The SEC labeled these assets as “covered stablecoins,” and they must meet strict requirements to remain outside the regulator’s oversight.

“Covered Stablecoins are not marketed as investments; rather, they are marketed as a stable, quick, reliable and accessible means of transferring value, or storing value and not for potential profit or as investments,” the SEC explained.

According to the statement, a covered stablecoin must maintain a one-to-one peg with the US dollar and be backed by highly liquid, low-risk assets.

It must also be redeemable on demand at full value. Importantly, these tokens cannot offer profit, interest, governance rights, or ownership stakes. Their sole function must be payment, money transfer, or value storage.

The SEC explained that these assets are not investment vehicles and are typically marketed as “digital dollars.” As such, the agency does not consider its offer or sale to involve securities under federal law.

“Accordingly, it is the Division’s view that Covered Stablecoins are not offered or sold as investment contracts,” the financial regulator concluded.

This marks a rare moment of clarity from the SEC, which has often taken an ambiguous or enforcement-first approach to crypto regulation.

However, while the SEC’s guidance clearly provides a path forward for stablecoins like USDC, it casts doubt on whether Tether’s USDT qualifies. The guidance specifically excludes reserves made up of crypto assets or precious metals, both of which are part of USDT’s current backing.

Meanwhile, Forbes journalist Nina Bambysheva reported that Tether is considering launching a new stablecoin to align with US regulations. This means the proposed asset would be fully backed by cash and US Treasuries. Such a pivot would mark a major shift in strategy for the issuer as it navigates increasing scrutiny.

Crypto analyst Novacula Occami also pointed out that USDT’s reserves include Bitcoin and gold, which are explicitly disqualified by the SEC’s criteria. As a result, USDT may fall within the scope of securities law and face potential restrictions in the US.

“USDC and the Paxos coins comply with the SEC’s guidance and are not securities. USDT however, with its gold, BTC and other reserves are securities and cannot be legally offered in the US,” he added.

Industry Reactions to the Regulator’s Move

The news comes as stablecoins are gaining wider adoption despite market volatility. Daily usage continues to climb even during a challenging first quarter for digital assets.

Data from IntoTheblock shows that the sector increased by more than $30 billion during the first quarter of the year despite the broader market sell-off.

Nevertheless, industry responses to the new guidelines have been mixed. David Sacks, a White House advisor on crypto policy, welcomed the move.

Sacks said the statement provides long-overdue clarity and could ease regulatory burdens for compliant issuers.

“The SEC has determined that fully-reserved, liquid, dollar-backed stablecoins are not securities. Therefore blockchain transactions to mint or redeem them do not need to be registered under the Securities Act,” Sacks stated.

However, SEC Commissioner Caroline Crenshaw offered sharp criticism. She warned that the guidance downplays risks in the stablecoin market and misrepresents key legal issues.

According to her, the statement presents an overly simplistic view of the industry.

“The [SEC’s] statement’s legal and factual errors paint a distorted picture of the USD-stablecoin market that drastically understates its risks,” Crenshaw added.

Dogecoin (DOGE) price has recently struggled with momentum, failing to break key resistance levels. As of press time, DOGE is holding at $0.169, just above the crucial support of $0.164.

This stagnation hints at the potential for further declines, but key investors are still holding strong.

Dogecoin Is Facing Challenges

The liquidation map reveals that approximately $216 million worth of long positions could face liquidation if Dogecoin’s price declines to $0.150. This price is not far from its current critical support of $0.164.

If DOGE drops below this level, the liquidation of long contracts could fuel a further sell-off, pushing the price lower. This would likely prompt more bearish sentiment among traders, discouraging new investments in the meme coin.

Moreover, the threat of liquidation looms large as the price hovers near critical support levels. If DOGE continues to weaken, traders may be more inclined to exit positions, exacerbating the downtrend.

On the other hand, Dogecoin’s long-term holders (LTHs) seem to be focused on accumulating the asset at its current low price.

The HODLer net position change shows an increasing number of LTHs who are confident in eventual price recovery. As DOGE remains relatively inexpensive, these investors view the current conditions as a potential opportunity for future gains.

This accumulation by LTHs could serve as a buffer against further price declines. Their confidence in Dogecoin’s recovery and long-term potential is helping to sustain the current price levels. If these holders continue to accumulate, it could prevent a drastic drop and even pave the way for a future price rebound.

DOGE Price Correction Unlikely

At the time of writing, Dogecoin is trading at $0.169, just above the critical support of $0.164. The altcoin has been unable to break the $0.176 resistance for several days, showing signs of stagnation.

The likely outcome is continued consolidation above $0.164 as investors await a potential catalyst for upward movement.

If Dogecoin manages to breach the $0.176 resistance, it could quickly rise to $0.198, marking a positive shift in sentiment. This would likely encourage more buying activity and help push the price higher.

However, without sufficient momentum, DOGE will remain trapped within its current range, potentially facing further consolidation.

If the price falls below $0.164, it could slip to $0.147 in the coming days, triggering more than $216 million in long liquidations. This scenario would signal a shift toward bearish momentum, invalidating Dogecoin’s bullish outlook.

The coming days will be crucial in determining whether DOGE can recover or continue its decline.