Immutable （IMX） faces challenges in aligning with market trends despite efforts to resolve scalability issues.
Points
- IMX price recovery has stalled, failing to surpass the 50-day EMA.
- The crypto is down nearly 65% from March lows.
- Regulatory uncertainty and increased competition are key challenges.
- Positive divergence in price DAA suggests potential improvement.
- Long-term and short-term trends indicate possible bearish continuation.
The price of Immutable （IMX） has faced a cooling down this week, struggling to maintain the gains from the previous week. Currently trading at $1.47, IMX has seen an intraday loss of 0.77%, reflecting the selling pressure that has widened its losses by 10.3%.
Despite efforts to address scalability issues and improve transaction liquidity, IMX has lagged behind broader market trends. The price is down nearly 65% from its March lows, indicating significant challenges in achieving a robust recovery. The recent rebound in the market, driven by events like the Ethereum ETF and Bitcoin 2024 conference, could not lift IMX out of its correction phase.
Several factors contribute to this lag. Regulatory uncertainties pose significant risks, as any adverse actions by regulators could impact the platform’s operations. Additionally, the competitive nature of the cryptocurrency industry means new entrants are continuously vying for market share, making it harder for IMX to stand out.
However, there are signs of potential improvement. Data from Santiment indicates a positive divergence between the IMX price and Daily Active Addresses （DAA）, suggesting that further bullish waves might be on the horizon. The DAA measures the unique number of addresses participating in transactions daily, hinting at growing user engagement.
In terms of future outlook, IMX’s long-term trend appears bearish, as it lags nearly 24% from the 200-day exponential moving average （EMA）. The short-term trend remains neutral, hovering between the 50-day and 20-day EMAs. If selling pressure continues, the price might drop to test the recent swing low towards the $1 level. Conversely, if bulls regain control and surpass the 50-day EMA, IMX could surge to challenge the 200-day EMA, aiming for the $2 level.
解説
- IMX’s struggle to surpass key resistance levels reflects broader market challenges.
- Positive divergence in price DAA indicates potential for future bullish trends.
- Regulatory and competitive pressures continue to influence IMX’s performance.
- Long-term bearish trends highlight the need for sustained bullish momentum to reverse the current trajectory.