The Immutable (IMX) token was traded in a downtrend, which signifies massive distribution from the top. Moreover, the token price has slipped below the key moving averages, which indicates seller dominance.
Since the start of this month, the token has managed to trade in green amidst the downtrend. IMX price witnessed a notable rebound from the bottom mark of $1.80 and surged over 17% this week.
Meanwhile, the bulls still struggle to cross and sustain above the 200-day EMA mark to revert the trend. If bulls succeed to cross $1.30, it may go further toward $1.50.
At press time, the Immutable crypto (IMX) price traded at $2.09 with an intraday drop of 1.78%, reflecting a slightly negative cue. It has a monthly return ratio of -23.10% and 164.30% yearly.
The pair of IMX/BTC is at 0.0000335 BTC, and the market cap is $4.16 Billion. Analysts are neutral and suggest that the IMX crypto may deliver volatility and hover around the 200-day EMA mark.
Immutable (IMX): Roadmap To $3 Mark, Price Volume Profile Outlook
Per the TradingView data, the Immutable (IMX) price action replicates the sellers’ consistent pressure, and the token could not revert gains from the lower trajectory and stayed at the bottom.
Following the market correction, the token price persisted in eroding gains, traded below the significant moving averages, and was underperforming for the past weeks.
Source: TradingView
Notably, the trading volume significantly dropped, and buyers were not confident in executing a pullback. If the bearish wave continues, the token may soon breach the $1.80 mark.
Going forward positively, if buyers stretch the token price beyond the 200-day EMA mark and cross $2.50, significant upward momentum may be seen.
Can Immutable (IMX) Token Regain Shine: What Key Indicators Suggest?
Per the Momentum Indicator (Relative Strength Index), the curve stood below the midline, but a convergence of the RSI line with the signal line was noted, a sign of accumulation from the lows.
Additionally, the price traded at its 23.6% Fibonacci retracement level and is below the mid-Bollinger Band, conveying low volatile trading activity.
The Global In/Out of the Money (GIOM) shows that around 12% of At-the-money of the 75K active addresses have still made their grip and made a supply grip of around $2.20.
However, more than 70% of in-the-money holders at the current price levels are still in profit and hold their positions. Around 28% of holders want to cover their positions, which might lead to a bounce ahead.
The immediate support levels for the Immutable token (IMX) are $2 and $1.70, whereas the key upside hurdle is around $2.30, followed by $2.50
Conclusion
The Immutable (IMX) token price action directs the seller dominance, and the bull army stays on the back. However, if the sentiment improves, the token may stretch up and move toward $3, as a strong supply zone exists.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
