Will IMX Continue to Steer Gains Above $2?

IMX price shows a sharp rise and cured from the lows of $0.6000 in the recent sessions. Moreover, the IMX token has gained swiftness, urging bullishness on the chart. IMX price is piloting the bullish rally and delivering higher high swings, highlighting the bulls’ dominance. Additionally, the token has acquired gait and is heading for the $3 mark, the supply zone. However, the chart portrays a rising parallel channel, which conveys a positive stance and suggests that buyers will soon pinch the IMX token to $3.

IMX price is trading above the significant moving averages and is boosting the rally inside the channel amid the crypto market rally. Recently, a breakout was witnessed above the psychological mark of $1, post that buyers are continuing to augment the gains and are replicating an uptrend.

The live price of the IMX token is $2.41, with an intraday drop of 1.90%, showing neutrality on the chart. Moreover, the trading volume increased by 4.71% to $ 176.64 Million. However, the pair of IMX/BTC is at 0.0000561 BTC, and the market cap is $4.81 Billion. Analysts have maintained a bullish rating, suggesting the outperformance will continue in the following sessions.

Daily Chart Displays Rising Parallel Channel

On the daily chart, IMX price has breached the neutral trajectory and loomed in the bullish zone above $2.00, transmitting the buying momentum in the recent sessions. Moreover, the price action showcased the follow-on buying stance, and buyers have continued gaining traction, whereas sellers are covering their positions and looking trapped. 

The relative strength index (RSI) curve stayed above the midline near 68, showing a favorable bullish outlook. The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting that outperformance will continue in the following sessions.

Weekly Chart Displays Double Bottom Pattern Breakout

On the weekly chart, IMX price eluded the critical hurdle of $1.50, demonstrating a breakout on the chart. Moreover, the buyers have persisted in raising the pressure and produced a rally in the past sessions. Amid the cheerful sentiments, the IMX token was among the top gainers and underwent the crypto market rally in the past few weeks.

Summary

IMX price fled the bullish territory mark and is zooming the gains above $2, steering bullishness on the chart. Furthermore, the token has endured in accruing the gains and replicating outperformance for the past weeks.

Technical Levels

Support Levels: $2.30 and $2.00

Resistance Levels: $2.60 and $3.00

Disclaimer

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

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.