- The token has been in uptrend for the past several days.
- The token gave a double bottom pattern breakout on the daily chart.
The token has shown a great bull rally from its support level and is now trading at one of its resistance levels. The token is currently trading above its 200 EMA (the green line).
IMX on the daily chart
Previously, the token formed a double bottom pattern on the daily chart and gave its breakout on February 1 and went on to its next near resistance. The price at which token is currently trading is one of its significant resistance levels. The token has shown a breakout from these levels for quite a time after some consolidation. Therefore if the same happens again then the price after a consolidation zone breakout can move up to its next near resistance i.e. $1.0588.
MACD – A bullish crossover has taken place on the MACD indicator showing that bulls have taken over the bears. This also shows that prices from these levels will increase more. Overall MACD indicator, giving a bullish crossover is a positive signal to investors.
Relative Strength Indicator (RSI) – The RSI curve is trading over its 50-point level at 74.46. As the price of the token increases, the RSI curve’s value will increase even higher. Overall RSI indicator at present gives a buy signal to investors.
Analyst views and expectation
The token at present looks good for short-term investing purposes. Thus, it can generate some good returns for short-term investors. As far as long-term investors are concerned, they should stay away from investing in the token at current levels. Once they see a Golden Crossover taking place on the chart or if they see the token crossing its major resistance then at that point of time they can look forward to investing.
Immutable X token’s price was predicted by DigitalCoinPrice to trade at $1.46 in 2024 and $1.85 in 2025. According to the website, IMX might trade at $2.28 by 2027 before rising to a possible $3.17 in 2028 and $4.35 in 2029. The website then predicted Immutable X price for 2030 as $6.12 and predicted that it would rise to $8.26 in 2031.
CoinArbitrageBot has a highly bullish prediction for Immutable X. They suggested that the price of the IMX cryptocurrency might reach $2.32 in 2023 and $4.14 in 2024. The website then made an Immutable X price prediction for 2025, predicting that the token would approximately trade at $6.69 before rising to $10.82 in 2026.
The value of Immutable X is anticipated to increase by 4.36% and reach $0.868188 by February 7, according to Coincodex.com. Their technical indicators indicate that the current sentiment is bullish.
Technical Levels
Major resistance -$1.9494
Major support -$0.3776
Conclusion
The token currently seems a good investment option for short-term investors.
Disclaimer: The opinions represented in this work along with any other opinions are presented primarily for informative purposes and are not intended to be taken as investment advice.
Source: https://www.thecoinrepublic.com/2023/02/02/imx-technical-analysis-will-the-token-continue-bull-rally-as-macd-and-rsi-gives-a-buy-signal/