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- 1 Immutable price prediction stays bullish for January 2024 and suggests positive momentum might continue.
- 2 The IMX price rose 14% in the current week and succeeded in breaking out of the $1.6000 hurdle.
- 3 The Immutable crypto price is in a strong uptrend and has hit a YTD high.
Immutable price prediction stays bullish for the next month and suggests new swing highs may be visible.
The IMX coin price rose 14% in the current week and formed a bullish continuation pattern on a daily time frame chart. It broke out of the $1.6000 swing high hurdle and hit a new year-to-date high.
The IMX crypto price looks in a strong uptrend and continues to trade above the 50-day and 200-day EMAs. However, the gap between the price and the 50-day EMA is wide. So, either it will retrace back to the EMA or spend some time in the narrow range consolidation.
On the higher side, $2.2642 is acting as a hurdle for the bulls. It is forming a bearish hammer candle in the ongoing session denoting the presence of sellers. If the IMX price faces rejection, it may retrace back to the EMA and retest the breakout level.
The chart pattern of the Immutable is favoring the bulls which boosted the confidence of existing investors. At the time of writing, the IMX coin price is trading at $2.0849 with an intraday rise of 1.18%. In the last 24 hours, volume to market cap recorded at 13.43%.
Will the Immutable Coin Price Continue the Rally or Consolidate?
Immutable price prediction suggests bulls will lead the rally and may continue its dominance in the coming months.
The recent recovery is quite surprising and supported by a decent buying volume. So, it looks reliable and the price is likely to hold the gains generated in the last few weeks.
Till the IMX crypto price sustains above both the EMA, the buyers will remain active and defend the support. However, if the situation reverses and the price slips below the EMA then a sharp decline may be visible.
IMX Price Analysis: When the Next Phase of Rally Might Trigger?
The IMX price is in the bulls’ grip and no sign of weakness is visible in the chart. The next phase of the rally will trigger when buyers are able to break the $2.2642 hurdle.
The price action says the probability of the breakout remains high because crypto whales are active.
The supertrend shows that as long as the price holds the $1.5323 level, the trend will stay upward. The MACD curve is also pointing north and the histogram bar is green indicating that more upside is possible.
Conclusion
Immutable price prediction stays bullish for the next few months and new swing highs are possible. The recent up move looks powerful and reliable so the price is expected to hold the gains.
The technical analysis suggests that the IMX coin price is in an uptrend so investors may look to accumulate it near the $2.00 level.
Technical levels
- Resistance levels: $2.2642 and $2.5000
- Support levels: $1.500 and $1.2306
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.
