IMX asset is still showing a falling capacity

On the daily chart, the Immutable price has shown an impressive price structure, with an intense battle between bulls and bears. By around October 18th, 2023, the price favored bulls and rose from the demand zone at $0.500 to reach the $3.75 price mark by March 12th, breaking the $2.50 resistance of that time.

However, the price of the Immutable crypto faced a decline after reaching a crucial supply level of around $3.75 on the charts by March 13th.

Following the declining trendline, the IMX crypto experienced a severe crash after touching the resistance level and has continued to exhibit bearishness even now.

The IMX asset is still showing a falling capacity, as it slides below the major trend 20-day and 50-day EMA bands. If the sellers' surge continues, the drastic decline could stretch for more depth.

Similarly, the performance of the Immutable price asset is bearish, with MACD below the zero line, and the RSI at 40.25, not close to the 30 level. This indicates that the IMX asset is not currently facing significant buying pressure, and its fall could continue.

The IMX coin asset is exhibiting bearish signs and has the potential to sink further, with a steady downward movement of -29.31% in the previous period.

As of press time, the price is currently trading at $2.080, with an intraday decline of +1.93%. Therefore, if the price manages to break the immediate key support level of $1.75, it will reach lower depths. However, if the price recovers and breaks the trend line, the above targets for the IMX price would be $2.50 and $3.00.

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