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- IMX token price broke out of $1.00 and created a hope for long term investors
- IMX token price sustained above 200 day EMA and prepares for the golden EMA crossover
- ImmutableX crypto price is up by 21% on the weekly basis and formed a bullish continuation pattern
ImmutableX (IMX) token price is trading with bullish cues and bulls are trying to keep the price above the EMAs which will increase the sustainability of the $1.000 breakout.
Currently, The pair of IMX/USDT is trading at $1.092 with an intraday gains of 3.61% and the 24-hour volume to market cap ratio at 0.1248
IMX price looks undervalued, More rally possible ?
On a daily time frame, IMX token price had displayed a bullish continuation pattern and rising upward by forming a higher high candle which shows that the confidence of the buyers is returning back and more upward movement is possible in the coming months.
In the beginning of February, IMX prices breakout of the narrow range consolidation zone and reclaimed the price above the 200 day EMA which has derived the positive sentiment and prices shot up 50% approx in a short span of time. Meanwhile, both the EMAs are sloping north and preparing for the golden EMA crossover which might give a further follow up movement in the favor of bulls. On the other hand, prices are near the supply zone and it will be difficult for the bulls to break the swing high hurdle at $1.289.
The IMX token has witnessed a volume spike and technical indicators like MACD, RSI are also turning bullish which shows that some genuine buyers have taken long positions and are expecting the price to hold the $1.00 level. However, if the price faces rejection from the supply zones then the price may retest the $0.633 support level which will provide an opportunity for the investors to accumulate at the favorable price.
Summary
IMX token prices are picking up momentum and expecting the price to hold the higher levels to show the dominance of the bulls on the higher levels. The technical analysis suggest that positional trend has reversed in the favor of bulls and any retracement
toward the support level will provide a buying opportunity for the investors as well as for the traders.
Therefore, traders may look for buying near to the 50 day EMA for grabbing the better risk reward ratio and aim for the target of $1.300 and above by keeping $0.633 as SL. However, if the price drops below $0.633 level then the trend reversal will become doubtful.
Technical levels
Resistance levels : $1.289 and $1.869
Support levels : $0.800 and $0.633
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
