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- 1 The IMX crypto has demonstrated a sign of major decline as the price sank from a vital supply level.
- 2 IMX crypto dropped by 11.58% last week amid bearish pressure.
Immutable crypto (IMX) is the first layer-two scaling solution for NFTs on Ethereum. IMX affirms that its blockchain resolves Ethereum’s problems like low adaptability, a bad user experience, illiquidity, and a slow developer experience.
Immutable has a zero gas fees process in their system, allowing operators to set their own trading fees. Unlike other scaling solutions for Ethereum, it is not possible for an attacker to control more than 50% of the network and manipulate transactions, thanks to its decentralized structure.
Moreover, Immutable crypto utilizes zk-rollups, which promotes asset trading on a second-layer blockchain while preserving the validity proof of a transaction on the underlying layer-one blockchain.
Immutable chose to leverage STARK proofs instead of SNARKs because they are more secure against quantum attacks and provide enhanced user protection despite being more expensive.
Immutable crypto’s decision to remain on Ethereum as a first-layer solution stems from the team’s belief in the importance of trustless, decentralized asset ownership. Despite Ethereum’s major issues with increased gas fees and network crowding, the team considers it the finest platform to represent this philosophy.
According to the team, Ethereum has historically emphasized decentralization over short-term scalability upgrades, despite its challenges with gas fee spikes and network congestion. Nevertheless, Ethereum remains on the top, and is considered to be the primary blockchain for NFT projects to build upon.
Can IMX Price Break The Supporting EMAs And Slump Downward?
The IMX crypto is experiencing a fall of 7.18% in the last 24 hours, trading at $2.0475.
Furthermore, the IMX crypto has demonstrated a sign of major decline as the price sank from a vital supply level, which was situated around the weak high on the chart around $2.50.
The IMX crypto is almost at a big fall, as it meets the resistance level and dives downward. Therefore, if the Immutable crypto price fails to stay above the $1.50 level, it could decline further.
The IMX asset is bearish and has more room to fall as it drops below major trend 20-day EMA, depending on the seller’s surge, it could touch rock bottom.
The IMX crypto asset is exhibiting bearishness as the MACD shows a strong bearish cross and the RSI is below 50 and has taken rejection from 14 SMA.
Moreover, the IMX crypto asset has exhibited bearish weakness in the entire past week by 11.58% and can continue to drop lower in upcoming weeks as well. This is signifying the traits of an upcoming solid downward momentum.
However, on the flip side, if the demand for the Immutable crypto surges, the price could bounce back from the current level to reach $2.50 and above.
Summary
Immutable crypto has demonstrated a sign of major decline as the price sank from a vital supply level, which was situated around the weak high on the chart (around $2.50). The IMX crypto asset is exhibiting bearish weakness, implying that the asset is in negative territory and could sink further..
Moreover, the IMX crypto asset exhibited bearish weakness last week with a 11.58% drop and could continue to drop in upcoming weeks. Therefore, if the IMX crypto price fails to stay above the $1.50 level, it could decline further.
Technical Levels
Support Levels: $1.50
Resistance Levels: $2.50
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
