Can Immutable Price Align with Market Trends or Continue to Lag?
Can Immutable Price Align with Market Trends or Continue to Lag?
Immutable price could not capitalize the previous week's gains and incurred losses of 10% this week.
The price DAA divergence indicator highlights a bullish divergence indicating a possible recovery on the horizon.
Immutable price recovery seemed to be cooling down this week as the crypto failed to capitalize the previous week's gains. The IMX price found it difficult to surpass the 50 day exponential moving average and headed downwards.
At the time of writing, IMX was exchanging hands close to $1.47 and recording a swift intraday loss of 0.77%. The earlier sessions of this week saw continued recovery from the previous week however the weeks suffered a selling pressure and widened the losses by 10.3%.
The IMX price seemed to be lagging behind the market trends as the bulls have failed to make a strong comeback as of now. The price is down nearly 65% from its March lows and still struggling. The recent rebound in the broader markets due to the Ethereum ETF and Bitcoin 2024 conference could not pull it back out of a correction phase.
Why Immutable Price Lagged Behind The Market Trends?
The recent trends highlight an increasing awareness of IMX amid its recent efforts to solve the scalability issues. Moreover, this integration provides the platform with high liquidity in transactions and ensures the security of users' assets, making it highly competitive in the cryptocurrency market.
Additionally, Immutable's relationships with key industry players have enhanced its credibility and attractiveness to investors.
However, IMX faces several challenges. The regulatory environment for digital assets remains unpredictable, and any unfavorable actions by regulators can impact the platform. Furthermore, the industry is becoming increasingly competitive, with new entrants vying for market share.
Despite these challenges, the potential for high revenues remains strong, attracting continued investment into IMX.
Price DAA Divergence Suggests Further Improvement
The previous week saw a strong rebound which the bulls could not continue this week and the price suffered. Despite all, an important on-chain metrics suggests Price DAA divergence indicator highlights a positive divergence between suggesting possibility of further improvement in the price.
As per the data obtained by an on-chain analytics website app.santiment.net, a positive divergence between the IMX price and Daily Active Addresses indicates further bullish waves may be on the horizon. The DAA (Daily Active Addresses) reveals the unique number of addresses that have taken part in a transaction in a day.
What’s Next For Immutable?
From a technical standpoint, the long term trend seemed to be bearish as it lags nearly 24% from the 200 day Exponential moving average. The short term trend outlook seems to be neutral between the 50 day and 20 day EMA.
Now, if the selling pressure exceeds and the price looms below the 20 day EMA, it may indicate a bearish continuation and the price may resume lower to test the recent swing low towards the $1 level.
On the flip side, if the bulls take charge and surpass the recent 50 day EMA hurdle. It may regain strength and surge to challenge the 200 day EMA towards the $2 level.
The price currently hovers in a neutral zone from where either a bullish or bearish continuation is possible. The MACD indicator reveals an improvement above the zero line suggesting a bullish continuation.
Immutable price could not capitalize the previous week's gains and incurred losses of 10% this week.
The price DAA divergence indicator highlights a bullish divergence indicating a possible recovery on the horizon.
Immutable price recovery seemed to be cooling down this week as the crypto failed to capitalize the previous week's gains. The IMX price found it difficult to surpass the 50 day exponential moving average and headed downwards.
At the time of writing, IMX was exchanging hands close to $1.47 and recording a swift intraday loss of 0.77%. The earlier sessions of this week saw continued recovery from the previous week however the weeks suffered a selling pressure and widened the losses by 10.3%.
The IMX price seemed to be lagging behind the market trends as the bulls have failed to make a strong comeback as of now. The price is down nearly 65% from its March lows and still struggling. The recent rebound in the broader markets due to the Ethereum ETF and Bitcoin 2024 conference could not pull it back out of a correction phase.
Why Immutable Price Lagged Behind The Market Trends?
The recent trends highlight an increasing awareness of IMX amid its recent efforts to solve the scalability issues. Moreover, this integration provides the platform with high liquidity in transactions and ensures the security of users' assets, making it highly competitive in the cryptocurrency market.
Additionally, Immutable's relationships with key industry players have enhanced its credibility and attractiveness to investors.
However, IMX faces several challenges. The regulatory environment for digital assets remains unpredictable, and any unfavorable actions by regulators can impact the platform. Furthermore, the industry is becoming increasingly competitive, with new entrants vying for market share.
Despite these challenges, the potential for high revenues remains strong, attracting continued investment into IMX.
Price DAA Divergence Suggests Further Improvement
The previous week saw a strong rebound which the bulls could not continue this week and the price suffered. Despite all, an important on-chain metrics suggests Price DAA divergence indicator highlights a positive divergence between suggesting possibility of further improvement in the price.
As per the data obtained by an on-chain analytics website app.santiment.net, a positive divergence between the IMX price and Daily Active Addresses indicates further bullish waves may be on the horizon. The DAA (Daily Active Addresses) reveals the unique number of addresses that have taken part in a transaction in a day.
What’s Next For Immutable?
From a technical standpoint, the long term trend seemed to be bearish as it lags nearly 24% from the 200 day Exponential moving average. The short term trend outlook seems to be neutral between the 50 day and 20 day EMA.
Now, if the selling pressure exceeds and the price looms below the 20 day EMA, it may indicate a bearish continuation and the price may resume lower to test the recent swing low towards the $1 level.
On the flip side, if the bulls take charge and surpass the recent 50 day EMA hurdle. It may regain strength and surge to challenge the 200 day EMA towards the $2 level.
The price currently hovers in a neutral zone from where either a bullish or bearish continuation is possible. The MACD indicator reveals an improvement above the zero line suggesting a bullish continuation.
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