- Immutable (IMX) is currently trading at $0.70243288 with a rise of -2.60% in 24 hours.
- Immutable (IMX)’s live market cap is $732,594,263.
- Immutable (IMX) price has been trading below the 20, 50-day Exponential Moving Average
Immutable is a cryptocurrency project that seeks to create a decentralised and secure platform for the creation, trading, and ownership of non-fungible tokens (NFTs). Their primary goal is to establish a tamper-proof infrastructure that ensures the validity and ownership of these digital assets. Immutable, which is built on the Ethereum blockchain, uses smart contracts to simplify the minting, buying, selling, and trading of NFTs without the use of intermediaries. Immutable also provides characteristics like demonstrable scarcity, verifiable history, and interoperability, which increase the value and usability of NFTs inside their ecosystem.
Trend Analysis
Price prediction that is unchangeable, Since its first listing, the price of Immutable price prediction has been in a consistent slump, as seen by a sequence of lower lows. The price originally achieved a high peak, but has subsequently failed to break above it. Immutable’s price is currently finding support at $0.55619259, but given the current circumstances, there is a good possibility that it will continue to fall. The price of IMX is currently consolidating inside a defined range and forming an ascending triangle pattern. This pattern shows that a downward breakout is possible in the near future, indicating that the price will fall further.
Immutable is currently trading at $0.70243288, a decrease of about -3.27% as of the most recent market action. However, if the price manages to hold at this level and begins to go upward, it might signify a reversal in the broader trend.
Immutable (IMX) Price Prediction
EMA
Immutable price prediction is currently positioned below both the 20-day and 50-day Exponential Moving Average (EMA) lines in the weekly timeframe, indicating a bearish market mood. The price of IMX is falling, indicating that investors are becoming pessimistic.
MACD
On the daily period, Immutable’s MACD line is currently below the signal line, indicating a bearish trend. The prevalence of red histograms suggests an increasing bearish momentum. This means that Immutable’s price is likely to fall further in the near future.
RSI
When looking at the weekly price projection for Immutable, the RSI value is currently at 44.77, and the 14-day SMA line is slightly below the median line at about 47.39. These signals indicate that there will be a bearish trend in the market for Immutable in the near future.
Conclusion
In summary, while carefully analysing the weekly technical indicators for Immutable (IMX), it becomes clear that the indications are mixed, pointing in a bearish direction. While the MACD is suggesting a negative signal, the RSI indicates a potential overbought scenario. Furthermore, the EMA analysis shows the presence of a short-term downward trend. Given these circumstances, it is prudent to proceed with caution and thoroughly research the market before considering any entry positions. It is best to wait for a breakout before making any trading moves.
Technical Levels
- Support – $0.55615259
- Resistance -$0.91392857.
Disclaimer
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.
