has been on a consistent downward trajectory, Will It end
Technical Analysis Of ImmutableX (IMX) Price
The IMX token has been on a consistent downward trajectory for the past five months, marked by a series of lower lows on the price chart. This extended bearish trend underscores the prevailing influence of sellers in the market.
During this period, the IMX token has formed a falling wedge pattern. While falling wedges are generally seen as bearish continuation patterns, they can also signal a potential reversal if the price breaks out to the upside.
Should the IMX token price break above the falling wedge with notable increases in trading volume, it could signify the start of a bullish reversal. Such a breakout might indicate a shift in market sentiment, potentially leading to a substantial upward movement in the token's price.
Currently, technical indicators on the IMX token’s daily chart reflect a strong bearish trend. The 50-day and 200-day EMAs have been declining, culminating in a death cross, which reinforces the ongoing downtrend.
The MACD and its signal line have been persistently negative, highlighting continued weakness in the token's price. Additionally, the RSI has stayed below the 50 level, with the 14-day SMA overlapping it. At the time of writing, the RSI was at 44.51, suggesting a lack of bullish momentum and ongoing bearish sentiment.
Looking forward, potential support levels for the IMX token are seen at $0.511 and $0.901, while resistance levels are expected at $1.610 and $2.601.
The IMX token has been on a consistent downward trajectory for the past five months, marked by a series of lower lows on the price chart. This extended bearish trend underscores the prevailing influence of sellers in the market.
During this period, the IMX token has formed a falling wedge pattern. While falling wedges are generally seen as bearish continuation patterns, they can also signal a potential reversal if the price breaks out to the upside.
Should the IMX token price break above the falling wedge with notable increases in trading volume, it could signify the start of a bullish reversal. Such a breakout might indicate a shift in market sentiment, potentially leading to a substantial upward movement in the token's price.
Currently, technical indicators on the IMX token’s daily chart reflect a strong bearish trend. The 50-day and 200-day EMAs have been declining, culminating in a death cross, which reinforces the ongoing downtrend.
The MACD and its signal line have been persistently negative, highlighting continued weakness in the token's price. Additionally, the RSI has stayed below the 50 level, with the 14-day SMA overlapping it. At the time of writing, the RSI was at 44.51, suggesting a lack of bullish momentum and ongoing bearish sentiment.
Looking forward, potential support levels for the IMX token are seen at $0.511 and $0.901, while resistance levels are expected at $1.610 and $2.601.
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