Immutable price entered a downtrend at the beginning of August after it faced rejection from the $0.80 level. IMX price witnessed a substantial decline in August due to the U.S. Federal Reserve’s instance on interest rate hikes. Also, the market leader, Bitcoin, crossed the $31,000 mark in July and began its bearish journey in August, falling back to a low of $27,000.
Recently, Immutable price formed support at $0.486 and commenced a bullish rally to retest the high of August. However, IMX price faced strong rejection from $0.7699, which disrupted the bullish rally.
After the rejection, Immutable’s price has declined and is headed toward the $0.52 support level. The previous candle closed bullish, forming a minor support at $0.59. The current candle has turned bearish and will soon break the minor support if bearish momentum prevails.
If bears push the price below $0.58, the cryptocurrency price might melt toward the next recent support level of $0.52, generating a downfall of roughly 10.40%. On the other hand, if the price can form a strong support, it may retest the resistance level of $0.685.
Reason Behind Immutable Price Surge in September
South Korean investors and traders primarily led the unexpected bullish rally of roughly 24% on 21st September 2023. The IMX/KRW pair listed on South Korea’s exchange accounted for approximately 20% of the global activity, followed by Binance’s IMX/USDT pair, which contributed to 7% of the global activity.
The market capitalization decreased 2.72% to $689,938,434 at the time of writing. The 24-hour trading volume has also decreased by 18.14%.
Will IMX Price Fall to $0.50?
The stock price has dropped below 50 and 100-day exponential moving averages, suggesting a decrease in the participation of buyers. The current candle is bearish and will soon break below the 20-day EMA if bearish momentum prevails.
The relative strength index has dropped to 52.63, implying bearish momentum in the market. The Chaikin money flow score is 0.00, indicating neither strength nor weakness in the market. The Bollinger bands have expanded, suggesting a rise in the volatility.
The long-short ratio of Immutable is 0.84, with 45.82% longs and 54.18% longs, indicating higher sellers’ positions in the market.
Conclusion
Immutable market structure and price action have turned bearish after it faced rejection near $0.70. Technical parameters currently favor the selling side but traders should wait for the price to break and close below $0.59.
Technical Levels
Major support: $0.52 and $0.4860
Major resistance: $0.685 and $0.80
