Immutable Price Books Losses Despite Bullish Sentiment! Will IMX Price Bounce Back?

The post Immutable Price Books Losses Despite Bullish Sentiment! Will IMX Price Bounce Back? appeared first on Coinpedia Fintech News

The crypto industry has recorded a neutral move as the Market cap has witnessed a rise of less than 0.01% within the past day, indicating a possibility of a cool-off in the market. On the other hand, Layer 2 tokens have displayed a significant price action, suggesting mixed emotions around the space.

Immutable price has displayed a negative trading day as the price has recorded a loss of 6% in value within the past day. The IMX price had recorded a remarkable run as the price has gained over 18% compared to the past week, with a cumulative addition of over 126% within the past month.

The IMX price was seen trading in a consolidated range between $0.5840 and $0.6969 for a brief period, indicating a weak interest among the investors for this coin. November started on a positive note as the bulls successfully gained power and broke out of the range.

TradingView: IMX/USDT

The immutable price recorded a jump of over 38% in value within a day, indicating a strong bullish influence in the market. The price was then rejected at $0.9618, following which the price experienced correction and retested its support level of $0.8098.

The bulls managed to regain power and break out of the resistance level at $0.9618. Further, it was seen hovering around its resistance/support level of $1.1311 for over a week, after which the price recorded bullish sentiment and successfully broke out of the range at $1.2089.

The coin then displayed a sideways trend before attempting to test its important resistance level of $1.50 where it got rejected and has been trading under a bearish influence since.

The Moving Average Convergence Divergence (MACD) has displayed significant price volatility recently, indicating an ongoing buying and selling pressure in the market. Further, the averages show a bearish convergence, suggesting the price will experience a correction in value soon.

Will IMX Price Regain Value?

If the bulls hold the price above the resistance/support level of $1.4134, the price will regain momentum and make a run to test its upper resistance level of $1.50.

Maintaining the price at that level will set the stage for IMX price to attempt to test its upper resistance level of $1.5952 in the coming days.

Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $1.2809. Moreover, if the bears continue to dominate the market, it will plunge further and test its lower support level of $1.1311 in the coming month.