- 1
Immutable price (IMX) is up by 0.34% in the past 24 hours and is currently trading at $0.54. - 2
Immutable (IMX) price dropped below the key moving average of 50 and 200 EMA. - 3
IMX price is declining suffering rejection from an upper trendline.
The price prediction of the Immutable over the daily chart (IMX) shows that the coin price has been steadily declining for the last 6 months losing more than 40% of its market capitalization. The price was in an uptrend till March 2023.
Thereafter, the price declined breaking below the key moving average of 50-EMA thus, changing its short-term trend to a downtrend. The price declined continuously eroding all the gains and sliding down below the 200 EMA.
Recently, the price slid below the previous swing low. Currently, the price is declining following an upper trendline resistance and nearing a previous breakout zone.
Immutable is a Layer-2 solution for NFTs on Ethereum that uses STARK zk-rollups, a technology that Ethereum supports. Immutable claims to solve Ethereum’s problems such as low scalability, poor user experience, and slow developer experience. Users can enjoy instant trading, high scalability, zero gas fees, and secure NFTs on Immutable.
Immutable Price Declined Suffering Rejection From Upper Trendline
The Immutable price is currently trading at $0.54 and consolidating in a range with support at $0.533 and resistance as an upper trendline resistance. The price is also nearing a lower demand zone from where buyers might try an attempt to shift the trend.
The price trend is bearish until it remains below the trendline resistance. Also, if the price breaks below the $0.53 level, then the price might slide to a lower support level at $0.5.
However, the breakout of the trendline may show some bullishness on the charts and the price might attempt to incline to the upper levels.
Technical Indicators Showing Indecisive Trend
MACD lines have made a bullish crossover. Also, histogram bars are being formed below the mean line with increasing height showing that the bearish sentiment dominates the market.
The EMA analysis shows that the IMX price dropped below the 50 and 200-day EMA indicating weakness and the EMA may turn resistance if the price inclines.
Conclusion
Immutable price has been falling for the last 6 months and broke below the 50-day EMA and 200-day EMA. The price is following a downtrend line and approaching a lower demand zone. The price is trading at $0.54 and consolidating between $0.533 and the trendline.
The IMX price is bearish until it breaks above the trendline. If the price drops below $0.533, it may slide to $0.5. If the price breaks above the trendline, it may rise to higher levels.
Technical Levels
- Support Levels: $0.53 and $0.5
- Resistance Levels: $0.65 and $0.70
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/09/06/immutable-price-prediction-2023-24-are-bulls-still-in-the-game/