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- 1 IMX price (IMX) slid 2.21% in the last 24 hours and is currently trading at $0.725.
- 2 Immutable (IMX) whale data states that the whales hold a total of 88.2% of the total supply with a significant decrement of 1.9% over the past 1 year.
Immutable (IMX) is a blockchain that claims to be the best way to create and trade NFTs on Ethereum. It helps to solve the problems of Ethereum, such as low speed, high cost, bad user experience, and lack of liquidity. It promises users, fast and free transactions, high security, and easy development of NFTs.
The IMX price is currently trading at $0.725 with a decline of 2.21% in the past 24 hours. Immutable holds a total market cap of $784.3 Million and ranks 52nd in the crypto market.
The Immutable token has a trading volume of $17.3 Million with an incline of 32.66% over the past 24 hours. It has over 1.08 Billion tokens in circulating supply. The volume-to-market cap ratio of the Immutable token is 2.21% indicating low volatility in the market.
IMX Price Prediction Using Price Action Strategy
IMX price analysis reveals that the token has been in a correction phase after a decline of nearly 50% from April 2023 to June 2023. The price declined forming lower highs and lower lows.
In June 2023, the price took a rebound from the demand zone and tried a recovery. However, it lacked momentum and could not break above the previous swing high thus entered in a correction phase forming a parallel channel pattern.
Currently, the price is trading near the lower trendline of the parallel channel pattern from where it may get the buyers back and surge till the upper end of the channel pattern.
Also, the price seems to be taking a pullback before the trend continuation. The long-term outlook for the price trend is bearish and the price may continue its long-term trend once it breaks below the lower trendline of the parallel channel pattern.
Immutable Price Forecast from Indicators’ point of view
As per the EMA analysis, the Immutable price suffered rejection from the 200 EMA showing the presence of sellers near the upper levels. Also, the price is currently trading near the 50 EMA from where it may get support and surge higher.
At the time of publishing, the RSI value of the Immutable token is 45.37 and that of the SMA line is 52.49. RSI has gone flat signaling neutral sentiment in the market for now.
MACD lines have made a bearish crossover. Also, Histogram bars are being formed below the mean line with increasing height indicating weakness in the market.
Conclusion
IMX price prediction concludes that the token has been falling since April 2023, making lower highs and lower lows. It bounced back from a demand zone in June 2023 but failed to break the previous high and entered a sideways movement in a parallel channel. Currently, the price is near the bottom of the channel, where it may find some buyers and rise to the top of the channel. Moreover, the price is still in a bearish trend and may resume its downtrend if it breaks below the bottom of the channel.
Technical Levels
- Support levels: $0.588 and $0.484.
- Resistance levels: $0.802 and $0.956.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
