ImmutableX Breaks Out Of Downtrend, Can Price Rally To $1?

  • If the IMX prices break out of their downtrend, then this could lead to a rally in the IMX.
  • IMX is strong in both high and low timeframes. 
  • After forming a descending Triangle, the price for IMX has broken out during the daily timeframe.

ImmutableX’s (IMX), has had a difficult time staying bullish against tether USDT (USDT), after its price was rejected at $1.3. As most altcoins have declined from $1.3, previous weeks in the crypto space were slow. However, major cryptocurrency like Bitcoin (BTC), continued to move within a narrow range. Many believe that Uptober (or as some would say it) has provided relief to the crypto community. ImmutableX(IMX), however, is not being left behind. (Data from Binance).

ImmutableX’s (IMX), Price Analysis on The Weekly Chart

For most crypto projects, the beginning of the month was a relief. Altcoins, such as BTC and ETH, continue to demonstrate strength after weeks with a downtrend. 

The price of IMX fell from a peak of $1.3 to a low of $0.7 per week. However, the price is now more stable and the market seems ready to rebound from the region. 

After hitting a low point of $0.7 the price of IMX quickly rebounded from the region and reached a peak of $1.1. Despite this, the price of IMX failed to break the resistance area that impeded a significant rally towards the $1.2 region.

The price did not stay at $0.7 as IMX tested the support level. IMX ended the week with indecision between buyers and sellers. However, the new week is looking good, as more buyer orders have pushed the price up. 

We could see a retest at $1.1 if the price structure of IMX remains the same. If it breaks below this area, then we might see a bullish scenario.

Weekly resistance for the price of IMX – $1.1.

Weekly support for the price of IMX – $0.7.

IMX Analysis of REN on the Daily (1D), Chart

Daily IMX price chart | Source: IMXUSDT On

Daily timeframe: The support price for crypto market caps remains at $850 billion (850B); this has also impacted altcoins’ prices like IMX which show a bullish pattern on their daily price charts. The price of IMX broke through its descending triangle during the daily timeframe and the price is poised to rally towards $1-$1.2. 

The price of IMX trades currently at $0.78. This price has held above the 8- and 20-day Exponential Moving Averages. Support values for IMX are the 8- and 20-day EMA. The $0.75 price corresponds.

Daily resistance for the price of IMX – $1.2.

Daily support for the price of IMX – $0.75-$0.7.

Featured Image from Zipmex. Charts From Tradingview

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