Immutable X Looking at 20% Move: IMX Price Prediction

1 month ago 31565

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Immutable X is a layer-2 scaling solution for NFTs on the Ethereum blockchain, using zk-rollups for gas-free transactions.

Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken.

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IMX Price Analysis

Current Price: $1.46 – $1.48
Market Cap: $846.3 million
24-hour Trading Volume: $39.76 million – $48.4 million
Circulating Supply: 570.35 million IMX
Total Supply: 2 billion IMX

Trends appear to be reversing (bullish). After a breakout from Symmetrical Triangle pattern, price rallied to $1.75 – $1.85 resistance zone where it got rejected.

Pullback to $1.50 support could be a swing entry opportunity with +20% upside potential back to $1.80. Stop Loss at $1.35.

Weekly Price Analysis

Over the past week, IMX has seen a fluctuating price range between $1.41 and $1.68. The price rise in certain periods was influenced by growing attention toward NFT and blockchain gaming, which Immutable X focuses on heavily.

Trend: Short-term trend is Down, Medium-term trend is Neutral, Long-term trend is Neutral.

Momentum: Price is neither overbought nor oversold currently.

Support and Resistance: Nearest Support Zone is $1.25. Nearest Resistance Zone is $1.75, then $2.50.

Indicators Value

IMX is currently down by 61% from its all-time high of $4.

Key Indicators

Relative Strength Index (RSI): Approaching neutral territory.
Moving Averages: IMX is trading slightly below its 50-day moving average.

News Roundup

Immutable X continues to focus on its core gaming ecosystem and NFTs. Recent developments have drawn attention to the platform’s scalability, offering zero gas fees for transactions.
Analysts have noted that IMX’s rally earlier in the month was cut short due to profit-taking.

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