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- The IMX price is currently trading at $0.974 while seeing a major change of -1.89% in 24-hour trading volume.
- The IMX has been observing a decrease of 0.44% in the last 24 hours.
IMX price is forecasting positive indications regarding the future trend. A steady decline of red candles is observed on the 1-day chart which suggests that the buyers may see a bullish rebound from the 200 EMA in near future. The investor sentiments in the overall market are also observing a bullish turn.
At present the price is taking a bullish turn from the 200 EMA. The RSI and Stochastic RSI are also supporting the bulls. If the price takes a pullback from current levels it can give a positive upturn of 30% in the near future. Though the buyers may prefer a strong bullish signal such as an engulfing candle or Doji candle before taking any action despite the hammer candle being made in the price.
IMX price trading under the supply zone on the (Daily Timeframe)
The majority of the market sentiment is just above near the neutral zone with around 53 points. The Index saw a slight increase of 3 percent in recent days when the market was trading around 50 points. According to the Greed and Fear Index provided by Alternative(dot)me.
The majority of cryptocurrency exchange platforms are observing a struggle between buyers and sellers. The buyers have slight leverage according to the Coinglass platform.
Technical Analysis ( 1 Day Timeframe )
Technical Indicators Support Points
The IMX price is currently taking support from the 100 and 200 Moving Averages respectively. The current support levels for the IMX price are around $0.900. The resistance point for the price of IMX is near $1.000 and its major resistance is at $1.400.
The RSI line is making a bullish upward curve near oversold levels. The value of the RSI line as of now is 41.69 points, while the 14 SMA is providing support at 48.67 points.
The stochastic RSI is taking a reversal from the oversold level trading at 19.06 points. The %K line is crossing above the %D line suggesting that it may soon start moving in the buyer’s favor on the daily timeframe.
Conclusion
According to analysis, the IMX price is trading on the demand zone above the convergence of important EMA’s. The RSI line and the stochastic line are also trading near the demand zone. These two oscillators often move in contrast with each other hence the pointing of all three indicators with positive price patterns is presenting a bullish view of a future trend.
Technical levels –
Support – $0.900
Resistance – $1.000 and $1.400
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.
