IMX, AR And FET Signifies Selloff, Here’s A Price Action Outlook

• 1 Amidst the notable recovery in the crypto market, IMX, AR and FET remained negative.
• 2 Sellers have persisted in adding short positions and revealing their dominance.

The Immutable (IMX) , Arweave (AR) and Fetch.ai (FET) cryptos faced significant selling pressure and eroded gains in the past 24 hrs.

In the past hours, the Immutable (IMX) signifies bull trap activity and faced rejection near the 100 day EMA mark and dropped over 4%.

Followed by IMX, Arweave (AR) has faced rejection from the supply region of $50 and witnessed distribution from the top. Additionally, the FET token was still in consolidation and witnessing no buying interest.

Could Immutable (IMX) Lose Gains Ahead?

The daily charts of the Immutable (IMX) signifies a rebound, but failed to retain the momentum and faced rejection near the 100 day EMA mark.

Source: TradingView

Amidst the recovery from the bottom mark of $1.60, fresh higher high swings were established, but buyers have yet to cross the key hurdle of $3 and faced rejection from the 100 day EMA mark.

Analysts have revealed that the IMX token has made a head and shoulders pattern and faced rejection near the resistance mark of $2.80.

#IMX is forming a head and shoulders pattern in the daily time frame, and an ascending channel has formed in the 4-hour time frame.

The price reached the resistance level of $2.53-$2.62 , but after several attempts, it has not succeeded in breaking the level yet.

Considering… pic.twitter.com/KTIDOTtViY

— Mr. Alex Bull (@MrAlexBull) May 26, 2024

Source: X

Meanwhile, the momentum indicator (RSI) curve stayed in the overbought zone, but a convergence of the RSI line with the signal line was noted.

At press time, the Immutable (IMX) price traded at $2.40 with an intraday drop of 4.26%, reflecting neutrality on the chart.

Arweave (AR) Eyeing $50 Mark, Still a Chase for Bulls?

The daily charts of the Arweave (AR) token signifies a rounding bottom formation, and the buyers have approached the supply region of $50 mark. However, the sellers have maintained a strong grip.

Afterward, significant profit booking was displayed and the token has lost over 16% of gains this week.

Source: TradingView

At press time, the Arweave crypto price traded at $39.38 with an intraday drop of 2.75 %, reflecting profit booking in the last trading sessions.

Ranked at 49 per the market cap, the Arweave token has a total supply value of $65.45 Million and might cross the $50 mark soon.

Could FET Retest $2 Mark this Month?

On the daily chart, Fetch.ai (FET) price signifies range bound movements, witnessing low investor interest. Moreover, the price action signifies consistent rejection from the 20 day EMA mark and stayed in a narrow range.

Source: TradingView

At press time, the FET crypto price traded at $2.27 with an intraday drop of 3.10%, reflecting consolidation in the last few sessions.

#FET

Same chart but moved my target for light blue wave 3 up, this one is a beast.

I am biased though as it is a larger position for me. https://t.co/3m8eErMtMm pic.twitter.com/7BeoQLk4yC

— Freedom By 40 (@Freedom_By_40) May 25, 2024

Source: X

The intraday trading volume dropped over 17.82% to $125.34 Million in the last 24 hrs and has a market cap of $5.86 Billion.

Conclusion

The Immutable (IMX), Arweave (AR) and Fetch.ai (FET) cryptos were in the list of top losers in the last 24 hrs. Still, the token has held the gains and might pull back ahead.