IMX Is Bracing Up for a Downing Return

Immutable (IMX) Price Prediction – May 31
An indication has surfaced to suggest the IMX/USD market activity is bracing up for a downing return in the near time. The base instrument’s valuation has been trading around $1.06 at an average percentage rate of 7.74 negative.

Immutable X (IMX) Price Statistics:
IMX price now – $1.07
IMX market cap – $248.9 million
IMX circulating supply – 235.3 million
IMX total supply – 2 billion
Coinmarketcap ranking – #127

IMX/USD Market
Key Levels:
Resistance levels: $1.50, $1.75, $2
Support levels: $1, $0.75, $0.50

IMX/USD – Daily Chart
The daily chart shows the IMX market is bracing up for a downing return as the price has hit resistance around the upper bearish channel trend line drew closely over the smaller SMA. Today’s trading candlestick appears, forming a bearish-trending outlook against the 14-day SMA indicator beneath the 50-day SMA indicator. The Stochastic Oscillators are in the overbought region. And they have closed the lines within it to signal the present trading moment is gradually beginning to witness a fall sooner than later.

Will the IMX/USD price lose the moves to return into a downing motion soon?

Some indications have shown the IMX/USD market price will soon lose the moves by returning into a downing motion as it has established that the price has hit resistance around the upper bearish channel. At this point, it would be psychologically ideal for long-position takers to suspend taking fresh buying orders. There can be a moment for taking long positions while the price comes down to locate support around $1 in the long-term run.

On the downside of the technical analysis, the current trading outlook depicts a suitable condition suggesting bears will be getting a decent entry. However, there can be a little delay in having an active-moving motion to the downside to letting the IMX/USD market sellers get repositioned on a firm stance against any aggressive breakout around the SMAs. The overall analytics thinking suggests a downward force will soon prevail in the market.

IMX/BTC Price Analysis

In comparison, Immutable X, as the base crypto, has been suffering a setback in its quest to push against The trending ability of Bitcoin. In the last few days, the price swung lightly to the upside. And that has led the Stochastic Oscillators to give the current reading in the overbought that the cryptocurrency pair market is bracing up for a downing return. The 50-day SMA indicator is above the 14-day SMA indicator. It is expected of the counter crypto to exert forces more on the base crypto.

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