IMX Price Analysis: Bulls are in action as the token surges more than 13%

The token has shown bullish actions in the previous sessions.
The pair of IMX/USDT is trading at the price level of $0.984 with a gain of 13.84% in the past 24 hours.

The long-term downtrend of bears driving down the price of the Immutable X token by forming lower highs and lower lows has ended, and the mighty bulls have taken command of the trend by pushing up the price of the token.

IMX token on the daily chart

The bulls have won the battle against the bears, and the token has gained more than 100% in the past few weeks. According to the daily chart, IMX token is currently trading at $0.984, up 13.84% in the last 24 hours. The token has crossed and sustained above its key Moving Averages of 50 and 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). The uptrend is expected to continue in the coming days.

Relative Strength Index: The asset’s RSI curve is currently trading at 80.49, indicating that it is in the overbought zone. The recent increase in the token price has boosted the value of the RSI curve. The RSI curve has crossed above the 14 SMA, indicating that the token is bullish. If the bulls continue their bullish momentum in the following days, the RSI curve will remain in the overbought zone.

Analyst view & Expectations

In the daily time frame, the trend has shifted in favor of the bulls, as the token forms a strong bullish candle with a big candle breaking above the resistance level. Investors who want to buy now can do so as the token is on an uptrend. Intraday traders, on the other hand, have a good opportunity to go long and book profits based on their risk to reward ratio.

According to our current Immutable X price projection, the value of Immutable X is expected to climb by 13.85% by February 8, 2023, reaching $ 1.117718. Our technical indicators indicate that the current sentiment is bullish, with the Fear & Greed Index reading 60. (Greed). Over the previous 30 days, Immutable X had 19/30 (63%) green days and 19.04% price volatility. According to our Immutable X forecast, now is a good time to buy Immutable X.

Technical Levels

Major support: $0.693 & 200 EMA on the daily chart.

Major resistance: $1.050 & $1.199

Conclusion

According to the price action, the token has shown signs of bullish momentum in recent weeks and is developing a bullish chart pattern. Investors who want to buy can do so by putting a stop loss in place and managing their risk-reward ratio.

Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing