•IMX/USD is currently priced at $1.51 and has decreased by 15.27% over the past day
•The trading volumes have increased by 21.48% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: Will the bearish trend continue for IMX Crypto?
The Immutable X price today is $1.51 USD with a 24-hour trading volume of $140,825,541 USD. Immutable X is down 15.27% in the last 24 hours. IMX Crypto volume has also seen an increase in the past day. The volume to market cap ratio of the asset (standing at 0.3972) suggests a consolidated momentum in price for the future.
Major cryptocurrencies plummeted on Friday as investors turned risk averse amid fears of aggressive rate rate hikes to tame inflation. The IMX Crypto trend curve is at a critical point and a strong impulse is needed from the current price range, with the altcoin currently stuck in a downtrend as it trades below the 20,50 SMA on the four hour chart. If the bearish trend continues, Immutable X might run along with the bears, dethroning the asset to $1.28 support level and drop below. Conversely, if the investors turn towards the asset, the bulls might take over and overtake its resistance level at $2, a bullish signal.
Long Term View for Immutable X
The daily technical chart of the IMX Crypto hints towards a bearish momentum in price for the future. The RSI in the daily time frame (currently transacting at 41.98) is hovering in the average ranges and appears to have undergone a small deviation towards the south. On the other hand, MACD is showcasing a notable selling volume accumulated, which could result in a bearish crossover occurring on the daily chart if bears keep up the pressure. This event would result in the green histograms giving way to red bars on the daily chart which would be a major victory for the bears.
Conclusion
Immutable X is currently lagging in buying pressure as the current volume is utilized only to prevent further plunge. Therefore, the bulls are required to step in to push the price beyond the upper resistance.
Support: $1.28-$1.10
Resistance: $2
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.
Source: https://www.thecoinrepublic.com/2022/05/06/imx-price-analysis-immutable-x-suffers-as-bears-put-their-foot-down-the-gas-pedal/