- Immutable (IMX) coin has an OI of $22 Million and it declined by 5%.
- Immutable (IMX) coin has a trading volume of $27 Million.
- The IMX coin has given a negative return of nearly 12% in the last three months.
Immutable takes its place as the pioneering Layer-2 scaling answer designed specifically for NFTs in the Ethereum environment. Immutable blockchain strives to tackle several issues associated with Ethereum, including limited scalability, less-than-optimal user interactions, liquidity complications, and slow developer experiences.
The IMX coin is currently observing a downtrend, marked by its price consolidating within a triangular pattern. At press time, the IMX coin is trading at $0.65, with a decrease of 1.2% in today’s market session. The coin boasts of a total circulating supply of 1.2 Billion coins. Moreover, it’s worth noting that the coin’s trading volume stands at $27 Million, reflecting a 5% decline in today’s market session. This diminishing volume suggests waning buyer interest and a rising influence of sellers. Over the last three months, the IMX coin has reported a negative return of 12%. This negative performance has contributed to pessimism surrounding the coin, leading to downward price pressure.
The open interest (OI) in Immutable (IMX) coins currently sits at $22 Million, indicating a drop of approximately 5%. This decline signals a reduction in buyers’ commitments and an increase in selling activity. IMX had previously reached a high price of $9.50 in November 2021. Subsequently, the coin’s value embarked on a declining path, resulting in a substantial 93.4% decrease in the next two years.
Nevertheless, the IMX price demonstrated signs of a rebound after finding support at the $0.39 level. Currently, IMX is forming a descending triangle pattern with the price hovering near the support level. The overall structure of the coin’s price pattern suggests vulnerability, hinting at the potential for a price decline in the coming days.
Immutable (IMX) Price Prediction
Technical Indicators Summary
Every week, Immutable (IMX) currently finds itself in a bearish market setting, as evident from the positioning of both the MACD and the signal line below the IMX zero line. This arrangement points to the possibility of forthcoming price declines.
A closer evaluation of the weekly price analysis for Immutable discloses that the RSI indicator stands at 41, while the 14-day SMA line hovers slightly below the midpoint at approximately 44. These combined indications imply that the Immutable coin is teetering on the edge of transitioning into a negative trend.
Conclusion
The analysis of the weekly technical indicators for Immutable (IMX) points to the presence of a predominant bearish trend. The RSI signals a possibility of the market being overextended. Furthermore, a review of the EMAs corroborates the ongoing downward trajectory. Based on these observations, it’s wise to expect that the price is currently following a bearish pattern and may undergo a decline soon.
Technical Levels
- Support Levels – $0.40 and $0.50
- Resistance Levels -$0.68 and $0.78
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.
