Immutable Price continues to fall; Is 2nd half of 2023 for bears?

• Immutable Price fell 26% in the previous week and dropped below $0.700.
• IMX Price trading below both EMA and displayed death crossover.
• The Immutable crypto price might test the yearly lows.

Immutable Price fell 26% in the previous week and broke down the lower range of consolidation. From the past few weeks, IMX Price is consolidating in the narrow range between $0.700 to $0.850 for the base formation. 

Recently, the sellers took over the control and expanded the range in a downward direction. Immutable Price displayed a death crossover and prices continued to trade below the 50 and 200 day EMA shows downtrend. 

In the mid of April, IMX price slipped below $1.00 which hurted the sentiment of investors. Since then, prices are falling by forming lower low swings. However, in the recent fall volume spike is not visible denotes prices fell due to external factors. 

Immutable Price performed well in the beginning of 2023 and showed a massive breakout of $1.00. The breakout is with high volume which attracted the many investors and price rallied 60% in a short span of time. 

However, the up-move was  temporary and slowly prices declined and returned back to $1.00. Later, after a little bit of consolidation sellers dagged it down to below $1.00.

When the downfall in Immutable Price may halt?

Immutable Price formed a double top bearish pattern and broke down the neckline support. Any short term pull back is getting sold off from higher levels shows the sellers dominance. Therefore, it seems like the 2nd half of IMX crypto is for bears and prices might test the yearly lows. 

Immutable Price is trading at $0.633 with an intraday rise of 1.93%. The 24 hours volume to market cap ratio is 0.0292. Till IMX Price is trading below $1.00 it is expected to remain in bear grip and minor bounce will fail to sustain the higher levels. 

The downfall in IMX price may halt at $0.400 which is yearly low and likely to act as a strong support. 

The technical analysis suggests IMX Price is near to yearly lows and downside seems limited. Prices are likely to enter into the wide consolidation range between $0.400 to $1.00.

IMX Price formed an inverted V pattern 

IMX price formed an inverted V bearish pattern on a weekly time frame and is approaching the yearly lows. However, If the market leader Bitcoin Price recovers then it might positively impact the price of IMX. 

The MACD curve is sloping down and generates a negative crossover. The histogram bar is in a declining phase denoting the sellers are more active as compared to buyers. 

Whereas, The RSI at 39 sloping up denotes price is recovering from the oversold territory and likely to test the neutral zone.

Conclusion

Immutable Price fell 26% in the previous week and broke down $0.700 support. The sell off hurted the sentiment of investors and prices are approaching yearly lows. 

The technical analysis says IMX Price has corrected a lot and downfall might take halt near $0.400 level. 

Technical levels

Resistance levels: $1.000 and $1.250

Support levels: $0.500 and $0.373

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.