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Immutable (IMX) Price Could Rise 70% if This Zone Holds as Support

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Valdrin Tahiri
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Key Takeaways

  • The Immutable (IMX) price has decreased by 62% since March.
  • It is attempting to validate the long-term $1.52 area as support.
  • Can IMX confirm this bounce and reach the next resistance area?

The IMX price has increased since Aug. 5, creating several higher lows alongside an ascending support trend line. Despite this increase, it failed to break out from the minor resistance of $1.85.

Can IMX confirm the reversal by breaking out above this resistance, or will it falter and drop below support instead? Let’s find out.

IMX Price Reclaims Support

The weekly time frame chart shows that the IMX price has fallen since its yearly high of $3.97 in March. The decrease led to a low of $0.92 in August.

This seemingly caused a breakdown below the $1.52 horizontal area, a critical level that has acted as resistance since August 2022.

However, the price regained its footing and reclaimed the area in September. This week, it could be validating it as support.

IMX Long-Term
IMX/USDT Weekly Chart | Credit: Valdrin Tahiri/TradingView 

Additionally, the weekly Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are leaning bullish. The RSI has reached the 50 trend line from below, while the MACD has just made a bullish cross (black circle).

So, the weekly time frame suggests that IMX will likely bounce at the $1.52 area and validate it as support. If that happens, the next resistance will be at $2.60, 70% above the current price.

IMX’s Failed Breakout

The daily time frame wave count shows that the IMX price broke out from a descending resistance trend line in August. Before doing so, it made three unsuccessful breakout attempts (black icons).

The RSI and MACD turned bullish at the time of the breakout. The RSI increased above 50, and the MACD crossed into positive territory.

However, the IMX price failed to break out from the $1.85 horizontal resistance area. Rather, it was rejected (black circle) and started a downward movement. Then, the MACD made a bearish cross, while the RSI risks falling below 50.

Read More: Immutable Price Prediction 2024: IMX Price Analysis
IMX Price Analysis
IMX/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView 

The closest support is $1.40, created by an ascending support trend line (white). So, technical indicators and the price action from the daily time frame give mixed readings.

Trend Depends on $1.52 Level

While the weekly IMX readings are bullish, the daily chart is undetermined. Whether IMX bounces at the $1.52 horizontal area or breaks down below it can determine the future trend’s direction.

Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.
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