Immutable （IMX）, an Ethereum-based Layer-2 scaling solution focused on NFTs and gaming solutions, has been struggling to regain its footing. Trading near the $1 mark, the token has experienced significant volatility and a 60% drop in the past three months. This article examines the potential for a comeback and the factors influencing IMX’s price movements.
Points
- IMX has dropped over 60% in the last three months.
- The token is trading near the $1 mark.
- IMX has struggled to cross the 20-day EMA mark.
- Factors include market volatility, buying activity, and technical indicators.
- Analysts are watching for a potential breakout or continued bearish trend.
Immutable （IMX）, an Ethereum-based Layer-2 scaling solution focused on NFTs and gaming solutions, has persisted in underperforming, consolidating near the $1 mark. Amidst the market’s bearish moves, the token has undergone a significant downtrend, dropping over 60% in the last three months. Trading within a falling channel, IMX’s price has continued to form lower highs and lower lows.
This week, the token took a pause and hovered near the $1.30 cluster, but it failed to cross the 20-day EMA mark. IMX’s price projections have signified the bears’ dominance and low-volume buying activity, as observed on the charts.
What’s Next for Immutable （IMX） Price Action?
IMX has been tracing inside a falling channel pattern on the daily chart. Recently, it turned back from the channel’s higher edge around $2.50 and tumbled from there, noting a decline of over 25% last month. At press time, IMX was trading at $1.37 with an intraday surge of 4.36%, reflecting neutrality on the charts. It has a monthly return ratio of -28.20% and 78.20% yearly, reflecting short-term retracement.
The pair of IMX/BTC was at 0.0000236 BTC, and the market cap was $2.74 billion at press time. Analysts are neutral and suggest that the IMX price may register a channel breakout and would cross the $2 mark. Its Relative Strength Index （RSI） curve rebounded from the oversold region, and a positive crossover highlighted the potential recovery was intact.
Amid the recovery, the volume buying activity was still not observed, which showed the uncertainty and fear among investors about buying IMX at this level.
GIOM Indicator | Source: IntoTheBlock
Decline In Popularity
On the social front, the social dominance witnessed swam to the negative region, noted at 0.03%, implying that investors’ chatter on social media platforms had reduced to a larger extent. Recently, the development activity showed a consistent decline from the top, reflecting a significant drop in the token’s growth aspects, impacting its price.
Most of the on-chain metrics revealed bearish cues, signaling an underperformed outlook for the IMX token.
Total Value Locked （TVL） Data Outlook
TVL Data Source: DefiLlama
Per the data from DefiLlama, its TVL data showed a dip, noted at $35.53 million, revealing a negative sentiment. The immediate support levels for the IMX token are $1.20 and $1.00, whereas the key upside hurdle is around $1.50, followed by $1.60.
Chances of Trend Reversal are Slim
The Immutable token price has traded in a bearish tone and has not crossed the 20-day EMA mark, signifying low chances of reversal. Despite the recovery attempted by most altcoins this week, the IMX price stayed at the bottom and failed to gain momentum.
解説
- The struggle of IMX to cross significant resistance levels highlights the challenges faced by the token in a bearish market.
- Key technical indicators and market data suggest a cautious approach for investors considering IMX.
- The lack of significant buying activity indicates lingering uncertainty and fear among investors.
- Monitoring social and development activity trends can provide insights into the token’s future performance.
- The overall bearish outlook and low chances of trend reversal necessitate careful consideration before investing in IMX.