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- IMX price prediction suggests a consolidated momentum in the asset. It has seen a negative crossover from the 100 DMA
- IMX’s correlation with the ETH is near 0.8 and can grow in the future. It has seen a drop of 1.5% in the intraday session
Immutable is one of the first layers 2 solutions for NFT on Ethereum. They aim to make ownership of digital assets real through the power of Immutable NFT. Immutable is built with the help of zk rollups which Vitalik has praised a lot. It was created by James Ferguson who has been on the list of Forbes 30 under 30 entrepreneurs. He has a lot of experience in software development and has built an E-commerce giant. Zk rollups give Immutable X a way to scale more quickly than everyone else. It has 50795 holders which can grow more in the near future. Immutable has seen a decline in daily transactions on the network, The average number of new users per day on the network has also observed a strong fall in the past few weeks. The correlation between IMX and ETH is near 0.85 which can move to 0.95 in the future.
Immutable has a market cap of $853 Million and is ranked 53rd as per their market cap on CMC. The volume of assets has seen a drop of 20% in the intraday session. Volume to market cap ratio of IMX suggests a consolidated trend in price
Is A Recovery For IMX On Its Way?
The weekly technical chart of IMX hints towards a downside trend in price. Immutable has been forming strong bearish candles on the daily chart. IMX is currently trading near $0.935 with a drop of 3% in the intraday session. The upside trend of the asset price can see a halt near $1. Meanwhile, in a downside momentum, the bounceback in price can be seen from $0.8. It is trading below the 50 and 100 Daily Moving Averages. In the case of upside momentum, a resistance from 50 and 100 DMA can be seen.
The RSI of IMX is near 35 with a strong downside slope in it. The overall sentiment of the given indicator is bearish.
Conclusion
IMX’s correlation with ETH can see a rise in the near future. IMX is trading currently in a bearish trend but can move to a new high in the future.
Technical Levels
Major Support:$0.8
Major Resistance:$1
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
