IMX/USD Bulls Dam The Falling Price

The buying pressure in the Immutable X market has not been as strong as it use to be after the bulls market fell from the $1.25 price level on August 8. Since then, the bullish support was only strong enough to make the market move sideways. The buying pressure has been too weak to sustain a bullish trend. But as the market has seen an increase in the selling momentum in the past few days, this may likely trigger an increase in the buying momentum as well. With the support now at $0.354, the price may bounce back to the upside.

Immutable X Market Price Statistic:

• IMX/USD price now: $0.377
•  IMX/USD market cap: $331.33M
•  IMX/USD circulating supply: 679,443,993.7
•  IMX/USD total supply: 270,000,000
•  IMX/USD coin market ranking: #113

Key Levels

• Resistance: $0.722, $0.822, $1.000 
• Support: $0.270, $0.230, $0.165

Immutable X Market Price Analysis: The Indicators’ Point of View

The RSI indicator portrays the market plunging into the oversold level at 22.91 and now making a rebound movement. But the price correction seems very slow as the RSI line now measures just 26.96. It looks like the bulls are yet not strong enough to sustain a bullish trend. But in contrast to this, the Bollinger indicator with its upper and lower band diverging signifies pressure from both demand and supply, although the lower band has more divergence than the upper band which may be due to the strong selling pressure. 

IMX/USD 4-Hour Chart Outlook

The bulls market makes not much progress in today’s market apart from the support price that has kept the bear market pegged. A major concern now is that if the tug-of-war continues, the bear market may break out and continue to drag the price downward. And if that happens, the next stop for the price may be $0.254

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