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- 1 Active addresses are decreasing, implying decreasing demand among users.
- 2 The price currently trades at $2.080, with an intraday decline of +1.93%.
On the daily chart, the Immutable price has shown an impressive price structure, with an intense battle between bulls and bears. By around October 18th, 2023, the price favored bulls and rose from the demand zone at $0.500 to the $3.75 price mark by March 12th, breaking the $2.50 resistance.
However, the price of the Immutable crypto declined after reaching a crucial supply level of around $3.75 on the charts by March 13th.
Following the declining trendline, the IMX crypto experienced a severe crash after touching the resistance level and has continued to exhibit bearishness even now.
The IMX asset still shows a falling capacity as it slides below the significant trend 20-day and 50-day EMA bands. If the sellers’ surge continues, the drastic decline could stretch for more depth.
Similarly, the performance of the Immutable price asset is bearish, with MACD below the zero line and the RSI at 40.25, not close to the 30 level. This indicates that the IMX asset is not currently facing significant buying pressure, and its fall could continue.
The IMX coin asset is exhibiting bearish signs and has the potential to sink further, with a steady downward movement of -29.31% in the previous period.
As of press time, the price is currently trading at $2.080, with an intraday decline of +1.93%. Therefore, if the price breaks the immediate critical support level of $1.75, it will reach lower depths. However, if the price recovers and breaks the trend line, the above targets for the IMX price would be $2.50 and $3.00.
Active Addresses Are On The Decline In Immutable Crypto
Active addresses refer to unique addresses of IMX crypto users who participate in one or more transactions within a given timeframe. The number of distinct addresses in the Immutable asset that participated in a transfer for the given asset in the past 24-hour window is 751 transactions, the 7-day window is 4320 transactions, and the 30-day window is 17K.
It illustrates that less people are using and trading the asset, which implies a lower demand and value for the crypto as the active addresses of IMX are decreasing over time.
Summary
On the daily chart, the Immutable price structure was impressive earlier, and the bulls vs. bears battle was intense. By Oct 18, 2023, the price surged to $3.75 from the $0.500 demand zone, breaking the $2.50 resistance.
However, faced a decline post the $3.75 supply level. IMX crypto is in a bearish trend, crashing after touching resistance. Falling below critical EMA bands, MACD negative, RSI low. Active addresses are decreasing, implying decreasing demand among users.
Technical Levels
Support Levels: $1.75
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.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
