Immutable X (IMX) Secures a Strong Basis to Stage a Bullish Cycle
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As a response to the strong bullish run that propelled the price of Immutable X slightly above the $1.5 price level, we see the market going in favor of the bears for more than a weak. The brief bearish trend could be in response to the strong bullish move that made the market hit the $1.5 price mark. Traders became willing to short their position at this level. However, the bulls are not yet exhausted as we see a strong demand line forming at around $1.000. We can also see the bullish price recovering from this support level.
IMX/USD Price Statistics
- IMX/USD Price Now: $1.059
- IMX/USD Market Cap: $ 919,057,799
- IMX/USD Circulating Supply: 868,583,515 IMX
- IMX/USD Total Supply: 2,000,000,000
- IMX/USD CoinMarketCap Rank: #54
Key Levels
- Resistance: $1.70, $2.00, and $2.50
- Support: $0.75, $0.500, and $0.300
Price Prediction for Immutable X: The Indicators’ Point of View
In the Relative Strength Index (RSI), we see the indicator line recoiling as it attempts to cross out of the sell zone. Currently, the bear market momentum is measured at 46. The selling pressure is reducing, preparing to give way to a bullish run that will take the market back to the $1.5 price mark. The brief bearish cycle that issued from the key resistance level has been cut short at the $1.000 support level as traders become willing to take a long position at this price. However, there are traders that still held on to bearish sentiment, while some are undecided as to the position to take in the market.
IMX/USD 4-Hour Chart Outlook
From the 4-hour standpoint, we can see that the bull market has hit a resistance level of $1.07. The bullish price is expected to break through this price level, but because in the market today, we saw that traders seem indifferent probably due to the low volume of trade. Nevertheless, the bull market is set for action and their first task is to break the $1.07 price level.
