- The IMX price could be poised for a near-term recovery as the price breaks out of the downtrend, creating more bullish sentiment for a recovery.
- IMX looks solid on the short and high timeframes.
- IMX price breaks out on the daily time frame after forming a descending triangle.
ImmutableX (IMX) struggled to stay bullish against tether (USDT) after seeing its price rejected from the $1.3 region. The previous weeks for the crypto space have been slow as most altcoins, and major cryptocurrencies like Bitcoin (BTC) have continued to move in a range. With so much confidence in Uptober, as many would call it, has brought rebounds of relief across the crypto space with ImmutableX (IMX) not left off the train. (Data from Binance)
ImmutableX (IMX) Price Analysis on the Weekly Chart
The new month was a relief for most crypto projects, with altcoins such as BTC, ETH, and even XRP continuing to show strength after weeks of downward movement.
IMX price struggled to stay bullish, falling from a high of $1.3 to a weekly low of $0.7, with the price looking more stable as the price looks set to rebound in this region.
After hitting a low of $0.7, the IMX price rebounded quickly from this region as the price hit a high of $1.1. Still, the price was rejected from this region as IMX was unable to break through this area suffering from price resistance and preventing a major rally towards the $1.2 area.
The price would not hold as IMX found its price retesting the support at $0.7, IMX closed the week with so much indecision among buyers and sellers but the new week looks good as there is had more orders from buyers pushing the price higher.
If IMX price continues to maintain this pattern, we could see a retest of the $1.1 area, and if IMX price breaks and holds above this region, we could see a more bullish scenario.
Weekly resistance for IMX price – $1.1.
Weekly support for the price of IMX – $0.7.
IMX analysis of REN on the daily chart (1D)
On the daily timeframe, the crypto market cap price remains bullish, holding support at $850B ($850B); this has also impacted the price of altcoins like IMX as it shows a more bullish shape on the daily price chart. IMX’s price broke out of its descending triangle on the daily time frame, with the price ready for a rally to $1-$1.2.
IMX price is currently trading at $0.78, with the price holding above the 8- and 20-day exponential moving averages (EMAs) after breaking through resistance in this region, turning it into support for the IMX price. The price at $0.75 is the 8 and 20 day EMA values acting as support.
Daily resistance for IMX price – $1.2.
Daily support for the price of IMX – $0.75 to $0.7.
Featured Image From Zipmex, Charts From Tradingview