The price action of ImmutableX crypto indicates that selling pressure was noted on the technical charts. The price was trading in a downward direction, forming lower lows over the past few weeks. Furthermore, due to declining volume, the price is showing neutrality in the recent sessions.
The ongoing trend is supporting bears and the crypto price was also in a corrective phase, which made bulls cautious. Moreover, the ImmutableX price trades below the significant moving averages of 20 and 50-day and tries to hold the gains above key EMAs.
At the time of writing, the ImmutableX price is trading at $1.9665 with an intraday gain of 2.13%, showing a bounce from the lower trendline near the support mark of $1.68. Meanwhile, the intraday trading volume is 64.67 Million and the market cap is $2.67 Billion.
The crypto has had a volatile performance over the years. Year-to-date it gave negative returns of 7.43% and a gain of 161.90% in 6 months. In the last 1 month, it gave a negative return of 7% and a gain of 5.90% in the last seven days. That indicates a volatility in the price.
Moreover, the technical summary of the IMX crypto on trading view indicators showcases a neutral signal as out of 26 analysts 7 are pointing to the sell signals, 10 are on the neutral side, and 9 are pointing to the buying signal. The maximum weightage is on the neutral side. The technical summary indicates that both bulls and bears don’t have a proper grasp on the price.
Technical Analysis of ImmutableX Crypto Price in Daily Timeframe
At the time of publishing, ImmutableX crypto (USD: IMX) is trading above the 100 and 200-day EMAs (exponential moving averages), which support the price.
The MACD line at -0.0270 and the signal line at -0.0392 are below the zero line. A bullish crossover is noticed between the MACD curves, which signals more strength for the IMX crypto price.
The current value of the RSI is 49.15 points. The 14 SMA is above the median line at 45.35 points, which indicates that the ImmutableX crypto is neutral.
Summary
ImmutableX (USD: IMX) technical oscillators and indicators support the bearish momentum. The MACD, RSI, and EMA are highlighting negative signals and imply that the downtrend may continue in the IMX crypto price if the sellers continue to make short positions. ImmutableX Price action suggests that the investors and traders are negative on the daily time frame. The price action also mirrors a bearish outlook at the moment.
Technical Levels
Support Level: $1.6855.
Resistance Level: $2.596.
Disclaimer
This article is for informational purposes only and does not provide any 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 own research before making any financial decisions
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
Source: https://www.thecoinrepublic.com/2024/01/31/immutablex-price-prediction-buy-sell-or-hold-the-imx-crypto/