- IMX shows positive performance as compared to its token sale price.
- Immutable crypto is in an uptrend.
Immutable X, developed by Immutable, offers a Layer-2 scaling solution for Ethereum, utilizing zk-rollups to enable fast and inexpensive transactions with zero gas fees.
Founded by James and Robbie Ferguson, Immutable X supports decentralized applications (dApps) and smart contracts on Ethereum, particularly catering to gaming, marketplaces, and NFTs.
The trading price of the Immutable crypto hit an all-time high price of $9.5 on November 26, 2021. The price of the crypto has further declined by 69.5% since then.
The immutable token has witnessed an advance of 8.85% in market cap of the crypto in the last 24 hours. Furthermore, the current market cap value of the crypto is $4.041 Billion.
The trading volume for the crypto has witnessed a decline of 13% in the last 24 hours. The value of the traded volume for the crypto in the last 24 hours is $100.813 Million which results in a volume/market cap ratio of 2.51%.
The token has a high volatility of 7.07% and the supply inflation of the crypto is also high resulting in 60.89%. The current market cap dominance of the crypto is 0.16% and the crypto sentiment is bullish as per Coincodex.
Immutable X Token Supply Overview
The current circulating supply of the token is $4.037 Billion and the Onchain market cap of the crypto is $5.8 Billion. This is followed by a circulating supply of 1.397 Billion IMX which is 69.8% of maximum supply.
The maximum supply of the crypto is 2.0 Billion IMX which is similar to the total supply of the crypto.
Immutable X Crypto Derivatives Analysis
The Immutable X crypto has witnessed consistent advances in its open interest followed by the last few days. The open interest in crypto has further advanced by 14% in the last 24 hours.
Despite the advance in the open interest, the derivatives trading volume of the crypto has declined by 26.5% in the last 24 hours. Also, the buyers are showing their presence in the crypto as a higher short liquidation is recorded in the crypto over the last 24 hours.
Social Dominance Vs Social Volume For IMX Crypto
The social volume and the social dominance of the Immutable X token have been consistently witnessing decline. This shows that the crypto is losing popularity and people have started to shift their interest from the crypto.
IMX Crypto Technical Analysis
On considering the long-term chart of the IMX crypto price, it can be seen clearly through the weekly charts that the price of the crypto is advancing to higher levels. This is further followed by the formation of a higher high-swing structure on the chart.
Also, the IMX token price has broken above the crucial swing highs and is currently taking support at the breakout level. If the price of the token further breaks above the most recent high, a further surge in the trading price might be witnessed.
IMX/USD Chart by TradingView.com
The EMAs are trading in a golden cross on the daily chart of the IMX crypto. Despite this, the price of the crypto has declined below the 20 and 50-Day EMAs. This indicates a slight profit booking in the price of the crypto.
The MACD and the signal line have also dropped to the zero level from the higher levels. It is further followed by the bearish crossover of the signal and the MACD lines. The histograms are also bearish on the charts.
The RSI further declined from the overbought zones and slipped below the 50-level followed by a decline below the 14-Day SMA. This again indicates weakness in the price of the crypto.
Summary
Immutable X (IMX) crypto, despite positive performance compared to its token sale price, faces uncertainty. While witnessing consistent higher highs, it has declined significantly from its all-time high.
The technical indicators on the lower timeframes indicate for further decline in the price of the crypto while the higher timeframe denotes a bullish structure. Therefore, if the price of the crypto further breaks above the last swing high, a further surge in the trading price of the crypto can be seen.
Technical Levels:
- Support Levels: $0.5190 and $1.7100
- Resistance Levels: $3.7200 and $5.3500
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.