$5 Million Outflow Pushes Immutable Price In Trouble Again The
$5 Million Outflow Pushes Immutable Price In Trouble Again
The IMX Open interest contracts dropped by nearly 20% in the last couple of sessions.
The RSI line has made a bearish crossover with a 14 day RSI line indicating a continued downward trend in Immutable.
Immutable price seemed to be trading in green after experiencing a bloodbath in the last five sessions. IMX has slipped downwards wiping out nearly 20% in the period and is now trying to stabilize near the monthly lows.
At the time of writing, Immutable was exchanging hands close to $1.198, recording a 2.33% rise in intraday. Recent on-chain data shows a drop in Open interest contracts in the recent sessions.
Let's analyze the possible trajectory of Immutable for September and find out whether Immutable may head for a recovery or continue to widen the losses further.
Immutable Futures Traders Stepping Back From The Market
In the recent sessions Bitcoin slipped below the 60K triggering a panic among the Investors. The panic in the broader market put a pressure on the altcoins, with Immutable losing nearly 20% in less than a week.
<iframe title="Santiment Chart: Total Open Interest in USD (IMX), Price (IMX)" width="800" height="425" src="embed.santiment.net/chart?ps=immutable-x&pt=IMX&df=2024-08-03T18:30:01.135Z&dt=2024-09-04T18:29:59.135Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
Source: app.santiment.net
Moreover, in tandem with the price drop, the futures traders seemed to be stepping back from the long side. As per the data obtained from an on-chain analytics website app.santimet.net, the Open Interest contracts has dropped from $28.1 Million to $23 Million losing nearly 17% a week.
As per the data nearly 5.1 Million positions have been liquidated in the recent sessions indicating a long unwinding among the short term traders. Moreover, the volume to market cap ratio at 2.24% suggests low volatility in the crypto.
Also, the 24 hour active addresses seemed to be constant in the recent sessions whereas the 7 day active address was observed to be decreasing constantly indicating a drop in the user engagement.
The active addresses reflect the change in number of users that have taken part in any transaction in a given period of time. An increasingly active address often leaves a positive impact on the price and vice versa.
Can Immutable Crash To A New Annual Low or Recover?
The price action analysis showcases a buyer's failure in the crypto. Recently, the bulls attempted for a recovery after stabilizing near the lows. However, the price suffered rejections near the 50 day EMA and slumped, wiping out the recent recovery.
Currently trading below all the key Exponential moving averages of 20, 50 and 200 days, Immutable seemed to be in trouble and was at the risk of crashing more. The recent support of $1.1 level has been acting as the recent support which if breaks may drag the price towards a new annual low.
The sellers seem to be in control of the trend in the short term as well as long term due to which the bulls seemed to be struggling to recover.
At the time of writing, The Relative strength index (RSI) line was placed at 42.2 points and that of the 14 day SMA line was placed at 54.3 points. Moreover, a bearish crossover was observed between the RSI and 14 day SMA line indicating a bearish continuation in the short term.
The IMX Open interest contracts dropped by nearly 20% in the last couple of sessions.
The RSI line has made a bearish crossover with a 14 day RSI line indicating a continued downward trend in Immutable.
Immutable price seemed to be trading in green after experiencing a bloodbath in the last five sessions. IMX has slipped downwards wiping out nearly 20% in the period and is now trying to stabilize near the monthly lows.
At the time of writing, Immutable was exchanging hands close to $1.198, recording a 2.33% rise in intraday. Recent on-chain data shows a drop in Open interest contracts in the recent sessions.
Let's analyze the possible trajectory of Immutable for September and find out whether Immutable may head for a recovery or continue to widen the losses further.
Immutable Futures Traders Stepping Back From The Market
In the recent sessions Bitcoin slipped below the 60K triggering a panic among the Investors. The panic in the broader market put a pressure on the altcoins, with Immutable losing nearly 20% in less than a week.
<iframe title="Santiment Chart: Total Open Interest in USD (IMX), Price (IMX)" width="800" height="425" src="embed.santiment.net/chart?ps=immutable-x&pt=IMX&df=2024-08-03T18:30:01.135Z&dt=2024-09-04T18:29:59.135Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
Source: app.santiment.net
Moreover, in tandem with the price drop, the futures traders seemed to be stepping back from the long side. As per the data obtained from an on-chain analytics website app.santimet.net, the Open Interest contracts has dropped from $28.1 Million to $23 Million losing nearly 17% a week.
As per the data nearly 5.1 Million positions have been liquidated in the recent sessions indicating a long unwinding among the short term traders. Moreover, the volume to market cap ratio at 2.24% suggests low volatility in the crypto.
Also, the 24 hour active addresses seemed to be constant in the recent sessions whereas the 7 day active address was observed to be decreasing constantly indicating a drop in the user engagement.
The active addresses reflect the change in number of users that have taken part in any transaction in a given period of time. An increasingly active address often leaves a positive impact on the price and vice versa.
Can Immutable Crash To A New Annual Low or Recover?
The price action analysis showcases a buyer's failure in the crypto. Recently, the bulls attempted for a recovery after stabilizing near the lows. However, the price suffered rejections near the 50 day EMA and slumped, wiping out the recent recovery.
Currently trading below all the key Exponential moving averages of 20, 50 and 200 days, Immutable seemed to be in trouble and was at the risk of crashing more. The recent support of $1.1 level has been acting as the recent support which if breaks may drag the price towards a new annual low.
The sellers seem to be in control of the trend in the short term as well as long term due to which the bulls seemed to be struggling to recover.
At the time of writing, The Relative strength index (RSI) line was placed at 42.2 points and that of the 14 day SMA line was placed at 54.3 points. Moreover, a bearish crossover was observed between the RSI and 14 day SMA line indicating a bearish continuation in the short term.
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