- Immutable (IMX) coin has a total volume of $23.3 Million.
- Immutable (IMX) coin is currently trading at $0.57.
- The technical summary tools give a sell signal for IMX coin.
Immutable positions itself as the inaugural layer-two scaling solution tailored for NFTs within the Ethereum ecosystem. Immutable’s blockchain aims to address various shortcomings inherent in Ethereum, such as limited scalability, subpar user experiences, liquidity challenges, and sluggish developer experiences.
The Immutable (IMX) coin is currently experiencing a downtrend, with its price consolidating within a triangular pattern.
As reported by LunarCrush, the IMX coin is currently valued at $0.57, reflecting a 6.20% decline in today’s market session. Notably, the coin’s total trading volume has plummeted by a substantial 78.5%. Additionally, the overall bullish sentiment surrounding IMX has declined, decreasing by more than 71%. These indicators strongly suggest that sellers are asserting their dominance.
The open interest (OI) in Immutable (IMX) coins is currently at $18.3 million, marking a decline of approximately 13.08%. This decline implies that buyers are closing their positions, while sellers are becoming more active.
IMX had previously achieved a peak price of $9.50 in November 2021. However, following this high point, the coin’s value embarked on a declining trajectory, resulting in a notable 93.4% decrease over the course of two years.
Nevertheless, the IMX price showed signs of recovery after discovering support at the $0.39 level. Presently, IMX is forming a descending triangle pattern, with the price hovering near the support level. The overall pattern in the coin’s price structure is indicative of weakness, suggesting the likelihood of a price decline in the days to come.
Immutable (IMX) Price Prediction
IMX by writer50_tcr on TradingView.com
Technical Indicators’ Summary
In the weekly timeframe, Immutable (IMX) is currently positioned in a bearish market stance, as indicated by the fact that both the 50-day and 100-day EMAs are situated below the price of IMX. This configuration suggests the potential for future price declines.
An examination of the weekly price assessment for Immutable reveals that the RSI stands at 41, with the 14-day SMA line moving just below the midpoint at around 44. These signals collectively suggest that the Immutable coin is on the verge of entering a negative trend.
Conclusion
A thorough analysis of Immutable’s (IMX) weekly technical indicators reveals a prevailing negative trend. The RSI suggests the potential for an overbought scenario. Additionally, an analysis of the EMAs confirms the existence of an ongoing downward trend. Considering these insights, it is reasonable to anticipate that the price is evolving within a negative pattern and is likely to experience a decline in the coming days.
Technical Levels
- Support Level – $0.40
- Resistance Level -$0.81
Disclaimer
The views and opinions expressed by the author and those of anybody else mentioned in this piece are only for informational purposes. They do not provide any financial, investing, or other advice. When buying or trading cryptocurrencies, there is a risk of financial loss.
