Immutable price prediction showcases the consolidation phase of IMX crypto below the neckline of the ascending triangle pattern. IMX crypto has been sideways inside the ascending triangle pattern since 5th June, 2023, and now is the time for IMX to register its breakout. Analysts believe IMX crypto may register its breakout from the neckline of the ascending triangle pattern. Moreover, Immutable crypto has gained around 89.01% year-to-date.
Immutable price was at $0.7196 and has lost 6.20% of its market capitalization during the day’s trading session. However, trading volume has increased by 105% during the intraday trading session. This demonstrates buyers are still present in the trade to push IMX crypto towards the neckline. Volume to market cap ratio was at 0.0275.
Will Immutable Price Break Out for the $1-Mark?
Immutable price prediction showcases the downtrend momentum of IMX crypto inside the ascending triangle pattern over the daily time frame chart. Meanwhile, analysts believe that IMX crypto may register its breakout from the ascending triangle pattern as soon as it sustains near the neckline.
Nevertheless, IMX crypto has been slipping as it nears the upper threshold. IMX must attract buyers during the day’s trading session for IMX to register its breakout. IMX investors need to wait for any directional change over the daily time frame chart.
Moreover, Immutable price has lost 2.30% in a week as well as in a month. IMX crypto has declined around 25.49% in the last three months, but gained 11.76% in the last six months. IMX crypto went through some ups and downs by the start of 2023.
Technical indicators suggest the downtrend momentum of IMX crypto. Relative strength index showcases the downward momentum of Immutable crypto. RSI was at 47 and is below neutrality to be oversold.
MACD exhibits the downside trend of IMX crypto price. The MACD line is crossing the signal line downwards, registering a negative crossover. Investors in Immutable cryptocurrency need to wait for any directional change over the daily time frame chart.
Summary
Immutable price prediction illustrates the IMX cryptocurrency’s phase of consolidation below the pattern’s ascending triangle neckline. Analysts predict that IMX cryptocurrency will break out of the ascending triangle pattern once it maintains its position close to the neckline. Additionally, the price of Immutable has decreased by 2.30% during the past week and month. Technical indicators point to the IMX cryptocurrency’s decline momentum. Investors in immutable cryptocurrencies must watch the daily time frame chart for any directional changes.
Technical Levels
Support Levels: $0.7050 and $0.6727
Resistance Levels: $0.7725 and $0.7889
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 or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/07/24/immutable-price-prediction-will-imx-break-out-from-neckline/