Immutable X (IMX/USD) Is Changing Direction to the North
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The Immutable X bear market may be coming to an end at the $0.726 price level. Since the market hit this level on May 11, it could not go beyond it, even though bulls still have room to contain more bearish encroachment in the demand price zone. There is a high probability that the bearish trend will be rejected at $0.638, which was a major level of decision in January’s bull market.
IMX/USD Price Statistics
- IMX/USD Price Now: $0.765
- IMX/USD Market Cap: $699,083,796
- IMX/USD Circulating Supply: 914,163546
- IMX/USD Total Supply: 2,000,000,000
- IMX/USD CoinMarketCap Ranking: #64
Key Levels
- Resistance: $0.89, $1.00, and $1.20
- Support: $0.67, $0.520, and $0.50
Price Prediction for Immutable X: The Indicators’ Point of View: The Market Bounces Back
The main bias of the IMXUSD market is still bearish. The trend issued from the $1.200 price level in mid-April, and it has been an aggressive bear market, so strong that bulls were dragged down along with the downtrend. The presence of bulls in the market can also be felt, as they have also contributed to the market’s volatility. But at the $0.726 price level, it is very likely for the bull market to bounce back from here. The market for today has been significantly bullish, and because of this, the Bollinger Bands are converging as bulls catch up with bears. However, according to the Relative Strength Index, bulls still have a long way to go to bring the market out of the sell zone.
IMX/USD 4-Hour Chart Outlook:
Scaling into a 4-hour market timeframe, buyers have been able to be in charge, as they have been able to sustain a bullish trend since the day’s session started. However, for each of the 4-hour sessions of today’s market, the bearish impact is still being felt. But bulls have been dominating the market, and they are driving the market to the upside.
