- Immutable crypto price has just slipped below the 200-day EMA.
- IMX price is up by 15% this month, showing buyers’ involvement.
The Immutable price chart has been showing weaknesses since March and struggling below the key moving average. At the beginning of this month, buyers tried to exceed the key moving average, but it slipped back after consolidation for some time.
Since March, the asset price has been falling by forming lower lows and lower highs. The Immutable crypto price has faced resistance from the 20-day EMA and formed a negative candlestick.
In March and mid-April, $2.50 was working as a support level, but in mid-April, the price failed to defend the support level, which triggered a breakdown. The support hurdle flipped into a resistance level, indicating the sellers’ grip.
At press time, the Immutable crypto price traded at $2.12 with an intraday loss of 1.74%. The market capitalization is $3.10 billion, and according to the market cap, it ranks 37th in the cryptocurrency market. The trading volume is $52.83 million, which has increased by 18% in the past 24 hours.
Will Immutable Price Manage to Defend the Major Support Level of $1.75?
The chart structure displays that the IMX price has defended the $1.75 hurdle since the beginning of 2024. The price is melting to the major support level by forming a lower high.
If the IMX crypto price slips below the major support level of $1.75, most investors may prefer to book profit, leading to a sharp fall. Strong selling pressure can be detected if the asset price fails to defend the $1.25 mark.
On the other hand, buyers may show interest if the Immutable crypto price takes support on the major support level of $1.75 and forms a bullish candlestick. Investors may look for a new all-time high if the trading volume supports this buying momentum.
Based on the Bollinger Band, the price has taken support on the Basis line, is rising, and is expected to reach the upper line. The Relative Strength Index (RSI) is 49 and has triggered a golden crossover, which showcases the bullish momentum. Overall, the technical indicators demonstrate a positive forecast.
IMX Crypto Price Prediction Over 4-H Timeframe
On a 4-H time frame, the Immutable price has been struggling below the 200-day exponential moving average since April. A buying signal can be generated if the IMX token price surpasses the 200-day EMA and sustains. If the trading volume supports this positive momentum, it may go for the long term.
Alternatively, if the digital asset price fails to exceed the 200-day EMA and the chart structure manages to attract the sellers, the price may melt to the support level of $1.80.
Conclusion
Immutable crypto price has been struggling below the key moving average since March and is currently facing resistance from the 20-day EMA. The asset price has been forming lower lows and lower highs and is currently melting to the major support level of $1.75.
If the price fails to defend this support level, it may trigger a sharp fall, and most investors may prefer to book profit. On the other hand, if the price takes support on the major support level and forms a bullish candlestick, buyers may show interest and look for a new all-time high.
Technical indicators demonstrate a positive forecast, and a buying signal can be generated if the price surpasses the 200-day EMA and is sustained.
Technical Levels
Resistance: $2.25 & $2.60
Support: $1.80 & $1.25
Disclaimer
This article is for informational purposes only and provides no 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.