- 1
ImmutableX token was currently at $1.01 with a decrease of 5.15% during the intraday trading session. - 2
The 24-hour low of IMX was $1.00 and the 24-hour high of IMX was $1.07. - 3
The current ImmutableX token price is above 20, 50, 100, and 200-Days EMA.
The pair of IMX/BTC was currently trading at 0.00004226 BTC with a dip of 3.30% over the intraday trading session.
ImmutableX price analysis suggests that it is currently in a downtrend. IMX 2022 was not very good as it was mostly dominated by sellers throughout the year. From the Start of 2022 to March 2022, IMX was in a steep decline but the buyers took back the market from sellers and tried to move IMX toward its previous glory, sellers came back and forced IMX to its demand zone and pressured IMX to make its new 52-week low. But after the start of 2023, IMX started rising constantly, breaking primary and secondary support and even breaking its primary and secondary resistance.
With the appearance of the bearish marubozu candlestick over the daily trading chart bears took back the market from bulls and ended the IMX bull run. This also indicates that the previous breakout is a false breakout. This gives the signal for long traders to end their traders in the market and provides good opportunities for short traders. The formation of the Descending Triangle chart pattern over the daily trading chart indicates that IMX is weakening and the downward momentum is building.
The volume of the coin has decreased by 8.01% in the last 24 hours. The decrease in volume indicates that the number of sellers has increased. This shows that sellers are trying their best and there is a relationship between volume and the price of IMX, which represents strength in the current downtrend.
The technical analysis of ImmutableX
RSI is decreasing in the overbought zone and has shown a negative crossover which indicates that the sellers are coming in the majority and pushing IMX downwards. This suggests the strength of the current bearish trend. The current value of RSI is 52.55 which is below the average RSI value of 59.98.
The MACD and the signal line are decreasing and intersecting and also showing signs of a negative crossover, which also supports the RSI indicator. Investors need to watch every move over the charts during the day’s trading session.
Conclusion
ImmutableX price analysis suggests that it is currently in a downtrend. Near the end of 2022, IMX was in the demand zone but after the start of 2023, IMX started increasing even breaking its secondary support. But after the appearance of the Bearish marubozu candlestick over the daily trading chart IMX started its downtrend and with the formation of descending triangle chart pattern it on strengthen the current bearish trend. The decrease in volume also indicates a lack of confidence in traders toward IMX. RSI and MACD both are decreasing and have shown a negative crossover which only strengthens the current downtrend, as per the technical indicators.
Technical Levels-
Resistance level- 1.138 and $1.255
Support level- $0.846 and $0.636
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/2023/02/25/immutablex-price-prediction-bears-ended-imx-bull-run/