IMX’s Price Drops as Its Team Claims 23.87M Tokens Today

• Token Unlocks revealed in a tweet today that Immutable’s team claimed 23.87 million IMX tokens.
• At press time, IMX was changing hands at $0.7122 following a 24-hour loss of 0.82%.
• Technical indicators suggested that IMX was at risk of falling to $0.6790 in the coming week.

The tokenomics tracking platform, Token Unlocks, revealed in a tweet earlier today that Immutable’s (IMX) team claimed 23.87 million IMX tokens, estimated to be worth $17.1 million, over the past few hours. According to the post, the wallet that claimed the IMX tokens currently holds 595 million IMX, valued at around $425.5 million.

Over the past day of trading, IMX’s price had fallen 0.82%, according to CoinMarketCap. Consequently, the altcoin was trading hands at $0.7122 at press time. This negative price movement resulted in IMX trading closer to its 24-hour low of $0.7114 than its daily high of $0.7259.

Along with the drop in price, IMX also experienced a decrease in its daily trading volume. At press time, the cryptocurrency’s trading volume stood at $11,749,444, which was 24.83% lower than what it was in the previous 24-hour cycle.

IMX’s price has been in a strong downward trend over the past week. During this time, the altcoin dropped from a high of $0.8029 to trade at its current level. IMX’s price had also dropped below the 9-day, 20-day, and 50-day EMA lines during this time and continued to trade below the 3 key technical indicators at press time.

Investors and traders will want to take note of the significant bearish technical flags that were triggered on IMX’s daily chart over the past couple of days. Firstly, the 9-day EMA line crossed below the 20-day EMA line, which indicated that IMX had entered into a short-term bearish cycle.

Furthermore, the 20-day EMA line crossed bearishly below the 50-day EMA line. This signaled that IMX had also entered into a medium-term bearish cycle. If these flags are validated, the altcoin’s price may drop to $0.6790 in the upcoming week.

On the other hand, a daily candle close above the 50-day EMA line at around $0.7371 will invalidate the bearish thesis. In this scenario, the cryptocurrency’s price may rise to the next major resistance level at $0.8485.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.