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- 1 Immutable price is currently trading at $0.756 while witnessing a gain of -1.17% during the intraday session.
- 2 IMX price trades above the 20 and 50-day EMAs.
- 3 The year-to-date return of Immutable is 96.09%, while the three-month return is -29.36%.
The bullish rally for IMX price began at the start of 2023 when the price started to rise from the low of $0.379 and created a high of $1.558. The bears did not find the price justifiable above the $1.50 level, which triggered a drop in the price.
The bulls strived to keep the cryptocurrency price above the $1 level but were unsuccessful as the price faced strong resistance near $1.215, which fueled the bearish momentum, and the price broke below $1.
The IMX price recently formed support at $0.575 and initiated a bullish rally. The price is currently headed toward the immediate resistance level of $0.82. There was a bit of retracement as the price was rejected at $0.76, and the price fell to form support at $0.69.
The price regained bullish momentum, and the previous candle closed above the resistance level of $0.76. The current candle is bearish at the time of writing and needs to break the high of the previous candle to move even higher.
There is concern regarding the previous candle, which had closed with a long wick to the upside, indicating that bears have started to jump into the market. If the current candle can break the lower wick of the previous candle, the price might enter back into the previous zone and head toward the recent support level of $0.69.
For the price to rise above $1, it must break the resistance level of $0.82. The market capitalization of Immutable is down by 2.07%, and the 24-hour trading volume is up by 10.97%.
Will IMX Price Rise Above $1 This Month?
IMX price has positively crossed above the 20 and 50-day EMAs, indicating rising bullish momentum. There is a decrease in bullish pressure as the previous candle closed with a long upper wick.
Buyers need to jump into the market to push prices further up. Chaikin money flow score is 0.12, suggesting that there is strength in the market. RSI trades at 56.45, indicating that the price possesses bullish momentum. The long/short ratio of Immutable is 0.879, with 46.78% longs and 53.22% shorts, implying the increased presence of bears in the market in the last 24 hours.
Conclusion
Immutable’s market structure and price action have turned bullish after the price bounced up from the support level of $0.575. The technical parameters favor the buying side, but the previous candle shows that bears have started to enter the market. The ongoing candle is bearish and has started entering the final zone.
Technical Levels
Major support: $0.69 and $0.575
Major resistance: $0.925 and $1.065
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. 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.
