- Immutable (IMX) is currently trading at $0.7154 with a rise of -4.48% in 24 hours.
- Immutable (IMX)’s live market cap is $7,37,995,912.
- Immutable (IMX)’s 24-hour volume is $17,536,505 which rose by -23.47% in the last 24 hours.
A cryptocurrency called Immutable X (IMX) is linked to the Immutable X blockchain technology. With decentralized apps (dApps) created on the Ethereum network, the platform seeks to address the scalability and high transaction fees that are frequently present.
Immutable X boosts the performance of Ethereum-based apps by using Layer-2 scaling, specially by using zero-knowledge rollups. Immutable X hopes to use this approach to make transactions quicker and less expensive while still upholding the decentralization and security of the Ethereum network.
The Immutable X ecosystem’s native utility token is the IMX coin. It is essential for enabling transactions, protecting the network, and taking part in platform governance.
We could say that Immutable (IMX) is currently in a downtrend based on last past price trend data. The price of Immutable (IMX) has decreased by 65.4% over the last month, showing that it is now performing poorly. Immutable has decreased by -90.45% since reaching its high of $6.8824543 approximately one year ago. The price of IMX is currently moving in a zone and forming an ascending triangle pattern and we can expect the price to fall further in the near future.
Immutable (IMX) Price Analysis
In the weekly timeframe, the price of Immutable (IMX) is currently trading below the 20-50 day EMA line, which is a negative sign. Immutable is the subject of bearish momentum. The investor sentiments are also negative.
The MACD indicator helps identify emerging trends, market conditions that are bullish or bearish, and changes in momentum. The chart consists of the MACD line, the signal line, and a histogram that displays the deviation between the two lines.
Immutable’s MACD line is currently trading below the daily period signal line, indicating a negative trend. Histograms in red show increasing bearish momentum. This suggests that Immutable’s price may drop further in the near future.
In the weekly timeframe, the current value of RSI is 44.46 and the 14 SMA line below the median line. It is near 43.89 which indicates bearish momentum in the market in the future.
The Immutable 24-hour trading volume is $17,536,505 with an increase of -23.47%, indicating a decrease in market activity. This will lead to the falling market scenario.
- Support – The current support level of Immutable (IMX) is $0.55615259
- Resistance -The current resistance level of the Immutable (IMX) is $0.91392857.
In conclusion, based on the weekly period technical indicators, Immutable is currently flashing a negative signal according to the MACD, despite the RSI indicating the possibility of an overbought scenario. According to the EMA analysis, the short-term trend is negative, the price of Immutable (IMX) shows uncertainty for thefuture.
The views and opinions expressed by the author, as well as those of anybody else mentioned in this piece, are only for informational purposes. They do not provide any financial, investing, or other advice. When buying or trading cryptocurrencies, there is a risk of financial loss.