- The immutable X token was again rejected below the $2.0-resistance area.
- The immutable X token posted a 5.8% drop in market cap over the past 24 hours to $340 million.
- The IMX token is down 2.3% with the bitcoin pair at 0.00004032 Satoshis.
The immutable X token again declined from the most recent sell zone at $2.0 before losing the short-term support at $1.5. However, the IMX token is forming a lower-higher shape, which indicates a downside trend.
Traders are seeing a breakout of a symmetrical triangle formation (blue) on the 4-hours scale, which resulted in IMX approaching a major support point of $1.3. If the bulls fail to hold this support level, the IMX price will fall to an all-time low of $1.0 – Viral Round.
Traders witnessed very turbulent sessions this week, with IMX price action trapping bulls at the $1.9 resistance level. As a result, at the time of writing, IMX is trading at $1.45. Meanwhile, according to CMC, the market capitalization has dropped 5.6% in the previous 24 hours to $34 million. The IMX token is down 2.3%, while the bitcoin pair is trading at 0.00004032 Satoshis.
In the context of hourly price charts, each is looking at an exponential moving average such as 20, 50, 100 and 200, above the current price. Similarly, on the daily chart, the bears are struggling to break below selling pressure below the 20 and 50 EMAs.
Again the market volatility is decreasing and has reached $80 million, down 40% in the last 24 hours.
RSI on daily price chart
Daily RSI indicator failed to retest above semi-line (50 points), now RSI peak looks weak with similar conditions applied on IMX/USDT pair.
Similarly, the ADX indicator moves sideways at 16 points.
conclusion
However, as the bulls failed to manage the cryptocurrency above $1.5, the immutable X coin again turned bearish. IMX may bounce back after retesting the upcoming support at $1.3.
Support level – $1.3 and $1.0
Resistance level – $2.0 and $2.7
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.