- IMX price is currently trading at $0.978 while seeing a 19.13% increase in 24 hour trading volume.
- IMX price is currently in bearish momentum.
Starting the year with a bullish rally, the immutable price skyrocketed from $0.38 low to creating a high at $1.54 level. The bullish rally pushed IMX price approximately 311% from the $0.38 low after which bears took control of the market for correction driving price down to $0.935 level which is recent support of the price.
IMX price is striving to stay above $1 level but was not able to do so amidst bearish pressure over the price. Recently, cryptocurrency price attempted to retest highs of $1.215 but got rejected at $1.09 level and candle closed at $1.065 level. The price continued its bearish momentum since the rejection.
Immutable has grabbed attention of some major industry player like Illuvium and GameStop, who have adopted Immutable for swift NFT transaction at minimal costs. Additionally, Immutable has recently joined forces with polygon(matic) to propel web3 gaming into mainstream adoption further fueling the optimism about Immutable project.
The main objective of IMX is to enable instantaneous trading, high level of scalability and zero gas fees for minting and trading, with shared security through ethereum mainnet. Currently IMX price is witnessing decrease in bearish pressure and a start of consolidation phase. The price is oscillating between range of $1.065 and $0.925. The bulls should defend $0.925 level and breach of it would drive to $0.805 low causing a downfall of -12.50%. The support of $0.80 has turned to be strong support for price as previously IMX shot up when it reached $0.805 level.
Immutable Technical Analysis :
IMX price recently rejected 20-day SMA of bollinger bands indicating bearish pressure still resides in market. Price is currently consolidating near lower band of bollinger indicating an indecisive phase in market. RSI trades at 43.91 below the halfmark suggesting bearish market for IMX slowing entering into neutral territory as price starts to consolidate. The chaikin money flow is oscillating near 0 indicating relatively equal pressure from buyers and sellers, and no clear trend in IMX market. The longs/shorts ratio is 0.85 with 45.98% longs and 54.02% shorts in last 24 hours as price gained bearish momentum after rejection from $1.09 level.
Conclusion:
The current market structure for Immutable price is indecisive. Rejection from $1.09 level is pushing price down to recent support level of $0.925. On condition of increased involvement of bulls in market and IMX price breaking above $1.065 level, there is a higher possibility for price to retest the $1.215 level and gain bullish momentum to reach 4-month high of $1.54 level. The technical parameters show a possibility of consolidation phase might occur in the price.
Technical levels:
Major support: $0.925 and $0.805
Major resistance: $1.215 and $1.54
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.