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- IMX has been consolidating for a long time and is trading below the 50 DMA.
- Technical indicators of IMX are currently favoring a consolidation. It saw a loss of 2.3% in the BTC pair price.
Immutable X (IMX) is a Layer 2 scaling solution on Ethereum for NFTs that allows for fast transactions. It is one of the first layer-2 blockchains that uses zk rollups. It is expected to achieve 9000 TPS (transactions per second) in the future and will become a cutting-edge solution for NFT. IMX zk-rollups allow it to have off-chain processing of transactions, which significantly reduces the time and money required to trade the asset. IMX charges zero gas fees and operators can set their own trading fees.
Immutable saw strong growth in terms of users and reached $1.07380. Meanwhile, the number of transactions on Immutable has not seen much growth in the past few weeks. The daily number of buyers on IMX Dex is 30 which is unique as per the data provided by Dune Analytics. IMX has 446442 holders which is expected to rise in the future.
Immutable has a market cap of $897 million and is ranked 56th in the cryptoverse. The volume of the IMX has seen a decline of 37% in the intraday session. It is currently down by more than 89% from its all-time high. The volume-to-market cap ratio of IMX suggests a consolidated trend in price.
Are IMX Bulls Ready For a Comeback?
Immutable X has been observing a slow and consolidating momentum for a long time. The weekly technical chart of IMX shows a tussle between the bulls and bears. IMX is currently trading near $1.07 with a slight decline in the intraday session. It is trading near a major support level of $1. If it sees a breakdown below it, a strong bearish momentum could be seen in the future. Resistance for IMX can be seen near $1.5. It is trading near the 50 and below the 100 Daily Moving Averages. There can be a negative crossover in the future which can also push the price to a new low.
MACD signal lines suggest a bearish trend in price. The overall sentiment of the MACD is consolidating if we consider the histograms.
Conclusion
Immutable is growing fast and may become the one-stop solution for ERC NFT. Various analysts expect a consolidated trend but may see a new high in the future. MACD signals consolidation.
Technical Levels
Major Support:$0.85
Major Resistance:$1.5
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.
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.
