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- The RSI has developed a bullish divergence, a sign of a bullish forecast.
- Immutable price has declined by 37% since June.
The technical chart shows that the IMX price has been on a bearish trend since March and has declined by 65%. The price has slipped below the key moving averages and is falling by facing resistance from the 20-day EMA.
In November 2023, the Immutable price triggered a breakout from the 200-day EMA and witnessed a strong buying pressure of 475% in 4 months. The price surpassed the $3.50 mark and recorded a 52-week high. However, it failed to sustain and displayed strong selling pressure.
Immutable crypto was being traded at $1.34 at press time, increasing by 3.93% in the past 24 hours. The market capitalization was $2.07 Billion, and the 24-hour trading volume was $40.25 Million at the time of writing. The circulating supply is 1.54B IMX.
Can IMX Price Make It to the $7 Mark?
Eyes on $IMX
— Poseidon (@CryptoPoseidonn) June 28, 2024
Reclaim above $1.7, i will build a spot position with $7 target. pic.twitter.com/GcEvwsXQYZ
A source on X claims that the Immutable crypto price is expected to reach the $7 mark. The IMX price has recovered from the strong consolidation phase in a weekly time frame. If the price exceeds the $1.70 mark, a great recovery can be seen, and the price may skyrocket soon.
Can We Get IMX on More Discount or Bearish Trend Ended?
On a daily time frame, the Immutable crypto price has experienced selling pressure for the past few months. After a bearish trend, the IMX price has reached a bottom, and buyers have shown their involvement at the $1.20 level.
The digital asset price was heading toward the 20-day EMA at press time. If the price surpasses the 20-day EMA, the price may gain bullish momentum. Assuming the price overcomes the $1.60 mark, buyers may be eyeing the 200-day EMA.
On the other hand, if the price faces resistance from the 20-day EMA, sellers may get an opportunity to record a new low YTD. Suppose the crypto asset price fails to defend the $0.75 mark; a new all-time low can be recorded.
Turning to the technical indicators, the MACH has generated a bullish crossover with the Signal line. The histograms have flipped to green, suggesting a bullish momentum ahead.
RSI Analysis
RSI has generated a bullish divergence, which showcases the bullish forecast. It has triggered a golden crossover with the RSI-based moving average. Overall, the RSI is in favor of a bullish forecast.
Source: By TradingView for Bullish Divergence
Reversal or Bearish Trend Ahead in IMX Crypto?
IMX crypto may be poised for a potential bullish reversal. The RSI has shown a bullish divergence and a golden crossover, indicating a positive forecast. Additionally, technical indicators such as the MACH and RSI support the possibility of a bullish trend ahead.
If the IMX price surpasses these levels, it could lead to a significant recovery and potential price surge. On the other hand, failure to overcome these resistance levels may result in further consolidation or a bearish trend.
Technical Levels
Immutable crypto price is expected to face resistance from the $1.60 and $2.40 levels. It may take support at the $1.20 and $0.82 mark.
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.
