The IMX token price rose above $1.00, giving long-term investors hope. The price of IMX tokens has remained above the 200-day EMA and is almost ready to cross the golden EMA. ImmutableX’s cryptocurrency price has created a bullish persistence pattern and is up 21% every week.
Bulls are attempting to hold the price of the ImmutableX (IMX) token above the exponential moving averages to strengthen the durability of the $1.000 breakthrough. The pair IMX/USDT is now trading at $1.092, up 3.61% intraday, with a 24-hour traffic-to-capitalization ratio of 0.1248.
IMX pricing is inexpensive; is a further increase possible?
On a daily time scale, the price of the IMX token has shown a bullish continuation pattern, climbing upward by building a higher high candle, which indicates that the buyers’ confidence is returning and that more upward movement is likely in the months ahead.
Early in February, IMX prices broke out of the zone of narrow-range consolidation and regained the price above the 200-day EMA, which generated a strong mood and caused prices to soar by about 50% in a short period. Both EMAs are currently trending northward in anticipation of the golden EMA crossing, which might result in more follow-up movement in the bulls’ favour. However, given that prices are close to the supply zone, it will be challenging for the bulls to clear the swing-high barrier at $1.289 at this time.
The volume of the IMX token has increased, as well as technical indicators like the MACD and RSI are also trending upward, indicating that some sincere purchasers have established long positions and anticipate that the price will hold the $1.00 mark. However, if the price encounters resistance from the supply zones, the price may keep testing the $0.633 support level, giving investors the chance to stock up at a discount.
IMX Price Analysis
Being made available to the general market in Nov 2021. Its early success may be seen in its record of $9.52 in November before it fell to $4.90 at the end of the year.
The year after that, 2022, was difficult for the cryptocurrency industry in general, as well as IMX was not an exception. The token’s value dropped to a minimum of $1.10 by March 2022, despite reaching an all-time high of $9.52. Despite a brief increase in price to $2.82, it then saw another decline.
A slew of market collapses accelerated this negative trend, which caused IMX’s value to bottom out at $0.6366. IMX rose to a maximum of $1.29 during a brief spell of recovery. It had a further decline on July 31 before recovering to trade at $0.7228 by Nov 5.
With the FTX exchange’s demise, the negative trend accelerated, reaching a minimum of $0.3781 by Nov 21. Despite this, IMX mounted a comeback and spiked to $0.5151 before tumbling in December to roughly $0.43.
What IMX Technical Indicator Signals Mean for a Bull Market
For traders and investors on the IMX, 2023 has started well. Since the year’s beginning, the crypto has been steadily climbing after a low of $0.43. IMX’s market price is now trading higher than its moving averages. This denotes a strong positive direction through Feb and the conclusion of 2023’s first quarter. Additionally, the RSI is in terrific shape, indicating a strong bullish market.
The market burst out higher following a protracted period of consolidation, giving the bulls authority over the market. As the price crosses the support level, the 50-day, as well as 200-day moving averages, signal a breakthrough. IMX’s market price is now trending in line with its 200-day moving average, in addition to serving as a support for the currency.
The RSI 14, which is climbing over the 50-level at the 67-point mark, is also advancing upward. This positive stance suggests that IMX’s market price may soon reach new highs. Additionally, there are no indications of reversal moves in the market.
The fact that the market is rapidly gaining ground is confirmed by the fact that the session’s final candle is also in buy mode. In light of the analyses shown above, IMX appears to be a wise investment this year. All signs point toward a bullish move. Our price forecast is $3 at the end of Q1 2023 if the price remains above the $0.95 level.
Can IMX sustain its surge despite SEC warnings?
Gary Gensler, the chairman of the SEC, released a warning to other participants in the cryptocurrency market only 24 hours after shutting down Kraken’s crypto holding service in the United States and reaching a $30 million settlement with a bitcoin exchange.
The Kraken cryptocurrency exchange was severely penalized by the SEC. The crypto-sphere has been shocked by this episode, and many investors have sold their holdings out of concern for a potential market meltdown. Immutable X (IMX) had also continued to rise despite this, increasing 54% over the last 14 days as well as 113% during Jan 2023. This year, it appears that IMX is a superior investment. Is the upsurge a bull trap, though?
ImmutableX (IMX) is now trading at $1.05, with quite a 24-hour transaction volume of $83,680,140. This reflects a rise of 9.24% over the previous day and 9.39% over the previous week. ImmutableX has an $832,975,888 market capitalization with a 790 million IMX token circulation supply.
Prices for IMX tokens are increasing, and analysts predict that they will continue to rise to demonstrate the bulls’ supremacy at greater levels. The positional trend has reverted in favour of the bulls, according to technical analysis, and any regression near the support level would present a buying opportunity for both investors and traders.
To improve the risk-reward ratio, traders should consider buying near the 50-day exponential moving average (EMA) and aiming for $1.300 or higher while keeping a stop loss of $0.633 in place. However, the likelihood of a trend reversal will decrease if the price falls below the $0.633 level.
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