IMX/USD Bulls Too Weak to Regain the Market

On the daily chart of IMX/USD, the market is mostly filled with very bearish candlesticks The bears are the dominant of the market. But the bulls have also made some strong moves to regain the market. On the 27th to 30th of July, the bulls had a victory that was soon to be taken away by the bears on the 31st. Following the bearish victory on the 31st of July, the bulls tried to come back on the 1st of August, but they were met with strong resistance from the bears. This made price actions for that day stagnant. Then by the following day, the bears had the market. Today’s price activities are bullish, but not a strong one. Bearish activities in the past few days have brought the price down to $0.96076115 from $2.42376096. As it appears on the chart at the time of writing, today, bulls have been able to recover 1.8% of the previous high price.

IMX Price Statistic Data:

• IMX/USD price now: $0.973
• IMX/USD market cap: $1,945,085,258
• IMX/USD circulating supply: 235,284,001 IMX
• IMX/USD total supply: 2,000,000,000 IMX
• IMX/USD coin market ranking: #137

Key Levels

• Resistance: $1.18878431, $1.21356076, $1.15409735
• Support: $0.9558861, $1.09958926, $1.04508117

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Immutable X Price Analysis: Can IMX/USD Resume the Uptrend?

The bulls are not relegated. When we look at the market in a broad view, we can see that, that the market has a slightly higher low in favour of the bulls(that is when we look at the chart from the 17th of July till date) although, we have weak bullish activities in the market today. I think that bulls will keep trying to keep the market above the 17th of July resistance level of $0.67459968

Immutable X Price Analysis: Information From the Indicators

According to the Relative Strength Index, the slower line is indicating a decline in the strength of the uptrend measuring 54%, while the faster line is already indicating a weakness in the trend. It is measuring 43% though it shows that it is about to retrace an upper position.

Immutable X Price Analysis: 4-Hour Chart Point of View of IMX/USD

On the 4-hour chart of today’s market activity, bulls tried to take the earlier trading sessions, but their effort was met with an equal force from the bears. As a result of this, the market is indecisive. That also meant that the bulls are becoming weak. What that means is that the market will soon go in favour of the bears. The RSI signal line indicates a market strength of 32.63%. There is not much difference between this and the MACD line which is 30.34%. This is a bearish market.

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