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Immutable (IMX)Immutable (IMX) Immutable price has declined continuously in the recent sessions losing nearly 20.06% a week. At the time of writing, Immutable was hovering close to $1.17 recording a swift intraday gain of 0.80%. Currently, Immutable price hovers in a fear zone trading near the monthly lows. The transaction volume has dropped by 31.48% to $29.24 Million indicating a drop in demand. Out of total 2 Billion IMX tokens, nearly 80% of the supply i.e. 1.60 Billion IMX tokens are currently in circulation. From a technical perspective, IMX price has dropped below all the key exponential moving averages of 20, 50 and 200 days suggesting a bearish outlook. On the lower side, if IMX breaks below the recent support of $1.1, it may validate a bearish continuation and the price may slump towards the psychological $1 level.
CRYPTO:IMXUSDShort
by Ritika_TCR
$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. 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.
CRYPTO:IMXUSDLong
by Ritika_TCR
Is The Rocket About To Be Launched and Take IMX Flying? The 33th-largest cryptocurrency globally, ImmutableX (IMX), showed a 3% gain in the past week. A continuous acceleration in gains is anticipated, which could generate a higher high spree. Previously, IMX has been on a consistent fall for the last five months, marked by a series of lower lows that led to a falling wedge. The IMX has broken above the falling wedge with a notable increase; such a breakout indicates a shift toward bullishness in the long term. Presently, while writing, the IMX struggles to move past $1.5, but it's above 20-day and 50-day EMA, signifying a significant bullish presence. Potential support levels for the IMX are seen at $1.250 and $0.901, while resistance levels are expected at $1.550 and $1.752, respectively.
COINBASE:IMXUSDLong
by Sam_TCR
has been on a consistent downward trajectory, Will It endTechnical 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.
COINBASE:IMXUSDLong
by Sam_TCR
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.
CRYPTO:IMXUSD
by Ritika_TCR
Immutable Price Soars by 18%: A Bullish Turn in Sight?Immutable Price Soars by 18%: A Bullish Turn in Sight? Immutable recorded an impressive 18% surge in its intraday value, eclipsing the performance of major cryptocurrencies like BTC, ETH, and SOL. Immutable (IMX) was exchanging hands near a critical zone, surpassing this threshold may ignite its trajectory, potentially ranking it among the top gainers in the forthcoming weeks. The broader cryptocurrency market's resurgence is being propelled by significant gains in major cryptocurrencies, including Bitcoin, Ethereum, and Solana. Bitcoin has soared by over 5% to breach the significant $65,000 mark, while Ethereum and Solana have increased by 3.5% and 8%, respectively. Moreover, Immutable has eclipsed the performance of the leading cryptocurrencies with an impressive surge of nearly 18%. It stands on the brink of further gains if it can break through a key resistance level. As the trading session progresses, this could potentially lead to more substantial returns for investors. Let's analyze taking into account all relevant factors to determine if Immutable will continue to be among the top-performing cryptocurrencies in the coming weeks. IMX Crypto: Price DAA Divergence Takes The Lead Recent data from app.santiment.net reveals a promising trend, with the price and Daily Active Addresses (DAA) divergence indicator displaying positive movements in recent sessions, hinting at a potential shift in the broader trend. The indicator has shifted from neutral to bullish, suggesting an optimistic change in the overall sentiment. Moreover, DAA represents the count of distinct crypto addresses engaging with a specific cryptocurrency each day, either through sending or receiving transactions. A positive divergence between the price and DAA typically indicates an impending bullish trend. Therefore, DAA serves as a crucial on-chain metric for gauging user engagement and network activity, playing a vital role in assessing the value of a cryptocurrency. A 50% Upswing in Sight for Immutable if It Clears This Crucial Level The IMX cryptocurrency was currently tracing a rising parallel channel pattern on the daily chart. Recently, the price rebounded from the channel's lower edge, climbing 18% in a single day, aiming for the channel's upper boundary. At the time of writing, IMX was hovering in a critical area, close to its previous resistance level, the 50-day Exponential Moving Average (EMA), and the channel's upper boundary. A push beyond this area could signal a shift to a bullish trend and mark the end of the current correction. the crypto could register a growth of over 50% on a sustained breakout of $2.5 level. This upward movement is supported by a notable increase in trading volume, which lends further credibility to the potential breakout. However, should the price begin to fall back, it might suggest the continuation of the correction phase. Conclusion. The crypto market has been recovering, led by Bitcoin, Ethereum, and Solana, with Bitcoin crossing $65,000. Immutable (IMX) outshines them with an 18% jump, nearing a key resistance. Furthermore, Data from app.santiment.net website delivered a bullish price DAA divergence indicating the improved sentiment from neutral to bullish. At the time of writing, IMX was trading near the 50-day EMA and a channel's upper limit. A breakthrough could signal a bullish shift, potentially leading to over 50% growth if it surpasses $2.5. The price rise has been supported by comparative rise in the volume, but a price rejection from the crucial zone could indicate an ongoing correction.
CRYPTO:IMXUSDLong
by Ritika_TCR
1
IMX asset is still showing a falling capacityOn 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.
COINBASE:IMXUSDShort
by Sam_TCR
it has achieved bad performance The ImmutableX price prediction shows that the price momentum was in the bull's favor earlier, as it rallied from demand to a resistance-based supply level from $0.6000 to $3.7500. But, at the top supply level, the price failed to sustain and started declining, and the IMX crypto exhibited a sign of more deterioration in the coming sessions, as the price tumbled from a crucial level of around $3.7500 on the chart. As per the IMX price prediction, it appears like it is approaching a massive price decline, as it touches the major hurdle level and starts to plunge, and starts shattering the support level. ImmutableX Token Price And Indicator Analysis The ImmutableX price asset is exhibiting bearishness and falling capacity as it slides below major trend 20-day and 50-day EMA bands, reliant on the sellers' surge, its price could slump more. Similarly, the ImmutableX price asset is exhibiting bearish performance as MACD shows a bearish cross at -0.0553with histogram at -0.0170, and the RSI is not close to the 30 level yet at 39.45, meaning that the ImmutableX asset is not facing significant buying pressure and can continue to fall in the coming session. On the overall analysis, the chart shows that ImmutableX has recorded good performances in the previous quarter by 16.87%. However, the ImmutableX price prediction is revealing bearish signs and displays that it has the capacity to sink lower. Even, it has achieved bad performance in the previous week, and month by -13.54%, and -17.56% respectively, signifying a steady downward movement. At the time of publishing, the ImmutableX price crypto is experiencing a decline of -8.17% in the last 24 hours, currently trading at $2.6602. Therefore, ImmutableX price prediction highlights that if it fails to stay above the $2.500 level, it could decline further and reach lower levels. However, if the demand for the token remains high, the ImmutableX asset price could bounce back from the current level. The next target for the price is to reach $3.7500 and $4.00.
COINBASE:IMXUSDShort
by Sam_TCR