- The IMX price traded in green for 13 days in the last 30 days.
- The Immutable X token price advanced by 167% in the last 1 year from the press time.
The Immutable X (IMX) token’s technical chart showed bullishness as it broke out above crucial levels. The IMX crypto’s security score was also very strong, resulting in 90.73, as per Certik Skynet.
It belonged to the AA tier and had a security ranking of #76 worldwide. Let’s look at other factors that could affect the price and make an Immutable X price prediction.
At press time, the Immutable X token raised $200.0 Million as per DefiLlama and had a liquidity of $11.2M. Also, the token’s 4.44% of the market cap was staked, resulting in $97.55M.
The IMX price was highly volatile, followed by a volatility of 10.53%. It might lead to uncertain price moves in the future. According to Coincodex, the token’s price sentiment was bullish. At the same time, the fear and greed index was 29, showing fear among investors.
The token’s supply inflation was very high, resulting in 31.82%, which might depreciate its value in the future. Its supply might continue to increase.
The Immutable X token further witnessed an increase of 2.6% in its market cap in just the last 24 hours. It was followed by a surge of 31% in the traded volume.
Immutable X was the 33rd largest cryptocurrency in the global crypto market, with a market cap of $2.337B. This resulted in a strong market presence of the token, followed by a market cap dominance of 0.10%.
What Does Financial Data Of Immutable X Token Say About Investors?
When writing, 39% of the token’s holders were in profit, while 54% witnessed loss out of 91.4K addresses.
Only 38% of the total token holders have held it for more than 1 year. The token’s price correlation with Bitcoin was 0.72. It witnessed exchange outflows of $4.87M in just the last seven days.
Also, a consistent surge in the token’s holding addresses was recorded over the last few weeks. The token’s largest holder held 37.03% of the maximum supply alone.
Let’s Take A Deep Look At IMX Token Technical Charts
The IMX coin has been in a persistent downtrend over the past five months. It was accompanied by its price continually descending to new lows.
This extended bearish phase has led to lower lows on the price chart. It emphasized the sustained control of sellers in the market.
The IMX token has formed a falling wedge pattern during this downward spiral. It has resulted in a bearish continuation pattern, reflecting the ongoing downward momentum.
However, falling wedges are also known for their potential to signal a reversal, mainly if the price breaks out to the upside.
If the IMX price breaks above the falling wedge, especially with a significant increase in trading volume, it could trigger a bullish reversal. Such a breakout would suggest a shift in market sentiment. This could set the stage for a strong upward movement in the token’s price.
What Do Technical Indicators In Immutable X Token Indicate?
The technical indicators on the IMX token’s daily chart revealed a pronounced bearish trend. It was driven by a steady decline in the token’s price over time.
The 50-day and 200-day EMAs have consistently been trending downward, culminating in a death cross. This bearish crossover further solidified the ongoing downtrend in the market.
In addition to the EMAs, the Supertrend indicator has issued a sell signal. It was accompanied by the IMX token’s price trading below the Average True Range (ATR) level. This reinforced the persistent downward pressure that has characterized the token’s recent price action.
The MACD and its signal line have remained intertwined in negative territory for an extended period. It indicated sustained weakness in the IMX token’s price momentum.
Furthermore, the RSI has consistently stayed below 50, closely aligned with the 14-day SMA at 44. This alignment highlighted a lack of bullish momentum and continued bearish sentiment.
The IMX token may find support at $0.510 and $0.90. On the other hand, resistance levels are anticipated at $1.60 and $2.60. It could pose significant challenges to any potential upward movement.
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.
