Immutable X Price Looks For Support at $2 — If It Bounces, IMX Could Go To $5
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Key Takeaways
- Immutable X might be about to start a new uptrend.
- IMX’s Recent recovery forms a symmetrical triangle.
- A potential breakout could lead the crypto above $3.
The price of IMX fell to a low of $1.70 on April 13, ending a 55% decline from a yearly high of $3.80. It recovered to nearly $2.50 on April 22, but this was the highest it got since then, as it quickly reverted below $2 again.
As it now trades around $2, there is an indication it might find support. If it does, we could be getting a signal of a next major starting uptrend. This could, potentially, see IMX breaking its previous high and hitting $5.
IMX Price Analysis
The price of IMX entered its consolidation zone between $0.37 and $1.40 on May 10, 2022. On March 18, last year, an attempt to break above it was made, but the price reverted to its support after it failed.
On September 11, a higher low of $0.50 was made, after which a new uptrend began. This led to a breakout and a high of $3.80 on March 12. This five-wave impulse concluded its wave 3 of a higher degree, after which we saw a downturn.
IMX fell to a low of $1.70 on April 13, decreasing by 55%. Since then, it attempted to establish an uptrend but only recovered by a short margin and formed a consolidation pattern as a symmetrical triangle.
The daily chart RSI fell to the oversold zone on April 13, proving a signal of a low reached. On previous occasions, when it did so, this signaled the start of a reversal.
IMX Price Prediction
Zooming into the hourly chart, we can see that there is a chance IMX already started the uptrend on April 13. It spiked 6%, from a low of $1.99 to $2.10, and is still moving up.
If it makes a breakout above the descending resistance, that would be an early sign of the starting uptrend. The next sign would be if it crosses its April 22 high of $2.50. This is because that would mean a higher high after a higher low.
Should this happen, IMX would be eyeing values above $3, but that would only be the end of its first sub-wave in the larger climb. However, if we see a breakout to the downside, the next likely target would be $1.50.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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