IMX Coin Price Prediction: Is the Coin Ready for a Bull Run?

• The IMX coin is currently trading at $0.6887.
• The price has formed a double-bottom pattern.
• The price has formed two bullish hammer candles above the EMA lines.

IMX Coin Price Analysis

The price prediction for IMX coin is bullish in the upcoming trading session and also for the long-term.

At the end of September 2023, the IMX coin price started to fall and the fall was halted at the $0.5035 level.

After this, a bullish rally was initiated and the price surged by 33.81% from its recent swing low at $0.5035 and formed a support zone over there. 

This surge in price gave the breakout of the descending trendline which was restricting the price from rising higher. This breakout grabbed the attention of the crypto whales as the volume bar started to increase which shows the increase in volatility in the market.

The IMX price is consolidating in a wide range of $0.7056 to $0.5035 with a support level of $0.6079 on the lower side. It is forming a strong bullish candle which shows the strong presence of buyers above that level and is trading just below its $0.7056 resistance level. It has also formed a bullish double-bottom pattern. 

The IMX coin is currently trading at $0.6887 with a 24-hour trading volume of $8.527 Million. It has registered a gain of 1.4% in the last 24 hours and has a market capitalization of $838,714,282.

Do the Buyers Have Any Strength Left?

The IMX coin price is currently taking support from the 50-day and 100-day EMAs after reclaiming them. This suggests that buyers remain determined and are likely to propel the price in an upward direction in the upcoming trading sessions.

The relative strength index (RSI) is at 68.78, which is  bullish territory. The RSI line is sloping in the upward direction which indicates the ongoing buying pressure. There is still space left for the RSI line to rise in the upward direction. This indicates that there is still room for the continuation of buying pressure which can make the price rise in the upcoming trading sessions.

If a follow-up momentum arrives in favor of the buyers then they can make the price close above the $0.7056 resistance level. After this, the price may rise to its next resistance at $0.8055 which will be the first target and then to $0.9321 which will be the second target.

On the lower side, the current acting support which is $0.6097 faces a breakdown. It can create a panic selling situation for the buyers and the sellers can use this opportunity to make the price fall to its next support at $0.5035.

Conclusion

The price prediction for the IMX coin is bullish. The price is showing potential to increase in the future. The technical Indicators are in favor of the buyers. The overall crypto market is also bullish which can make the IMX coin price commence a long-term bull rally. Investors should wait for the breakout of the $0.7056 resistance level, which will trigger a bullish rally.

Technical levels

Resistance Levels: $0.7056, $0.8055 and $0.9321.

Support Levels: $0.6079 and $0.5035.

Disclaimer

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