- The current market trend of the IMX is Bearish dominance.
- The price of the coin is surfing around $0.9629 with a drop of 3.07% during the last intraday trading session.
- The pair of IMX/BTC is around 0.00004009 BTC with a dip of 0.61% in the last 24 hours
The ImmutableX is facing dips over the last few days it seems that the bears are trying to enter the trade. The coin is moving towards a downward trend the bearish dominance is making it difficult for investors to trade. The coin is losing its potential after its bullish dominance. The return of the bearish trend could be a turning point for the IMX over the daily price chart.
The current price of ImmutableX is surfing around $0.9629 with a loss of 3.07% during the last intraday trading session. The pair of IMX/BTC is surfing around 0.00004009 BTC with a drop of 0.61% in the last 24 hours. The decreasing price of the coin is an indication of the return of bearish market. The downward trend could result in the price of the coin reaching the primary support of $0.0853 and if the bearish trend continues then the price may drop up to the secondary support of $0.0636.
The bulls will also push themselves to enter the trade if the bulls attempt to overtake the market of IMX succeed then the price of the coin may boost to the primary resistance of $1.242 and the price of the coin may reach upto the secondary resistance of $1.825 the coin may regain its potential if the buyers get in action. The IMX was under bullish dominance since the start of the financial year 2023.
The volume of the coin had increased by 4.60% in the last intraday trading session. This is could be positive news for the investors as the coin’s buying is increasing and the selling pressure over the coin has decreased over time. The coin’s price is moving above the 50,100,200 days of Exponential Moving Average and is still lagging behind the 20 Days of Daily Moving Average.
Exploring the Technical Indicators of IMX
The technical indicators show that: The MACD and MACD Signal have intersected giving the negative cross. The Sellers are trying to move the RSI toward neutrality the current RSI of the coin is around 51.90. And the average RSI of the coin is 60.76 the buyers have taken the RSI toward the oversold zone. But the sellers are trying to drive the RSI towards neutrality.
Conclusion
The coin is under a bearish trend the volume of the coin has increased indicating the weakening of the sellers the coin price id getting decreasing over the daily price chart. The current price of the coin is $0.9629 with a loss of 3.07% during the last intraday trading session. The RSI of the coin is moving towards Neutrality from the overbought Zone.
Technical Levels
Resistance level- $1.242 and $1.825
Support level- $0.0853 and $0.0636
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/22/immutablex-price-analysis-the-return-of-bearish-rally/