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- IMMUTABLE price prediction sheds light on the correction phase of IMX since March 2023.
- IMX price witnessed a decent recovery from the key support of $0.55.
- The IMX token surged 85.57% in the last 6 months.
IMMUTABLE price prediction conveys that the market is in a correction phase since March 2023 as the prices began sliding from $1.58. IMX crypto is trading at $0.761. The market is up by 0.93% in the last 24 hours. The 24 hour volume witnessed a decrease of 19.39%. The overall market cap of IMX token is $790,099,813.
On June 232023, Immutable coin announced the induction of Kryxivia into its ecosystem. Kryxivia is a MMORPG that will be focused on digital asset ownership and seamless trading so that the users can enjoy the benefits of web3 technology.
Immutable price prediction: Falling wedge may flip the momentum
On the daily charts, IMX token follows a downtrend since March 2023. The market started the year with a bullish rally of almost 300% to the price of $1.58. The IMX price began a correction phase from there with a loss of 54% so far. The prices dipped to key support of $0.554 before recovering 37% to its current price.
The IMMUTABLE Price Prediction highlights the formation of a falling wedge pattern. This structure has a potential target of 100% to the resistance level of $1.58. IMX crypto has escaped the pattern but lacks the volume and momentum that defines a powerful breakout.
The market may try to flip the 200 EMA which can add more confirmations for the breakout.
Price bounces off a trendline : Technicals
A closer look at the 4 hour time frame reveals the bullish price action of IMX token in the short term. The bulls showed up at the support to pull the prices from the bears and helped to escape the resistance level of $0.70. The market forms higher highs while taking support from a trendline.
Immutable price crossed the 200 EMA on the 4 H. However, the technical indicators are pointing at declining momentum as the prices rise. Selling pressure will increase if the prices break the trendline. This may lead IMX coin toward the lower levels and shut down this minor uptrend.
RSI: The RSI indicator is currently at 56.88 on the 4H. It conveys that the market lacks momentum and may move sideways in the short term. The market is neutral and the price may move in short range
MACD: MACD made a bearish crossover while staying above the 0 line. The market may consolidate sideways. This represents a bullish to sideways market condition. The prices may continue to rise as long as the indicator stays above the 0 line.
200 EMA: As observed, on the 4hr, the price is trading above the 200 EMA(exponential moving average) which acts as a significant support. This indicates an uptrend where the buyers are in control and for a trend reversal, the price must break and trade below the 200 EMA..
Conclusion:
Immutable price prediction conveys that the market is in a correction phase since March 2023 as the prices began sliding from $1.58. The market is trying to recover from the support of $0.55. IMX price has escaped a falling wedge pattern but still lacks the confirmation of a powerful breakout. Investors may wait for the prices to cross 200 EMA to consider bullish price targets. Meanwhile, the trend remains bearish and it would be wise to manage risks accordingly.
Technical levels
Support Levels: $0.55 – Support 1
$0.70- Support 2
Current Price: $0.76
Resistance Levels: $0.82- Resistance 1
$1.00 – Resistance 2
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
