Home
News
- 1 IMX price displayed a rounding top formation and breached the 200 day EMA mark.
- 2 Buyers have lost momentum and are facing trouble.
The IMX price has retested the demand zone of $1.8000 and is at a make or break level, highlighting the bearishness on the charts. Moreover, the token price is displaying follow on selling pressure, slipping below its key moving averages. Additionally, the chart displays a rounding top formation and that the token is near the neckline support of $1.700.
At press time, the Immutable token (IMX) price traded at $1.87 with an intraday
drop of 2.68%, reflecting neutrality on the charts. It has a monthly return ratio of -37.20% and 65.90% on a yearly basis. The pair of IMX/BTC is at 0.0000297 BTC, and the market cap is $3.73 Billion. Analysts are bearish and suggest that the IMX token may replicate a breakdown and will retest the downside of $1.20 soon.
IMX Price Volume Profile On Daily Chart
The daily chart of Immutable token showcases a trend reversal, and sellers persist in pushing the token from the highs. Moreover, the price action replicates the follow-on selling momentum, and the bulls are stayed on the back foot. Recently, sellers succeeded in breaching the 200 day EMA mark and the token reached its make or break region of $1.70 spotted on the charts. The intraday trading volume dropped over 24.80% to $67.89 Million.
Price Volatility and Weighted Sentiment Outlook
Following the price down move, the token displays an intense pump and dump movement in the price volatility curve this week during the start of this week, the price volatility curve noted a jump over 65.70% and then dragged over 32%, staying close to the midline around 0.0023. However, the weighted sentiment looks negative and stayed below the midline around -0.677.
Social Dominance and X Followers Overview
The social dominance data was below average and stayed near the downside region around 0.073%, noting low investor activity in the discussion reports. Conversely, the X follower’s data replicated a bounce and surged over 303.20% to 3923.
Development Activity and Total Open Interest Insights
The development data witnessed a follow-on decline and regressed over 34.28%, at around 49.29 this week. However, the derivative data signifies long unwinding, reflecting profit booking. Open interest fell over 3.89% to $18.79 Million this week.
Per the Fib levels, the Immutable price has slipped to its 23.6% zone and breached the mid line trajectory. Similarly, the RSI curve stayed in the oversold region, and a negative crossover was noted on the charts. The price action shows a rounding top formation and highlights seller dominance.
The total supply of the IMX token is 2 Billion, whereas the volume-to-market cap ratio is 0.0181, and it is ranked 31 in terms of market cap in the global crypto market.
Summary
The Immutable token price directs follow on selling momentum and dragged below its key EMA mark. Moreover, the token is trading near its crucial zone of $1.70 and may continue to deliver bearishness ahead.
Technical Levels
Support Levels: $1.70 and $1.40
Resistance Levels: $1.95 and $2.20
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
