Immutable (IMX) stands poised on the cusp of a significant price movement, potentially breaking resistance level at $1.60 as highlighted by CryptoJack, Founder of marketspotter. Current market analysis suggests that if this threshold is breached, IMX could rally upwards towards $2.30, marking a substantial gain for investors.
Examining the 1-day chart for IMX/USDT reveals compelling insights into its price dynamics. After a phase of consolidation and modest recovery, IMX is trading at $1.58 at press time. Key levels on the chart highlight critical points for traders to monitor closely.
The immediate resistance looms around $1.8000, a level that has historically posed a formidable barrier to price advancement. Should IMX surmount this hurdle, technical indicators point towards a secondary resistance at approximately $2.2000, underscoring a bullish trajectory.
Conversely, pivotal support levels are identified to safeguard against downside risks. Around $1.4000, IMX has recently found reliable support, preventing further declines. A deeper support zone resides near $1.2000, reinforcing its role in past instances of downward price movement.
Analyzing the broader trend, optimistic projections emerge as indicated by the upward momentum signaled on the chart. A breakout above $1.8000 could propel IMX toward the $2.2000 mark, delineating potential profit targets for traders. Recent price action underscores bullish sentiment, with discernable higher lows.
Trading at $1.58 with a daily trading volume of $56,668,749, IMX reflects a 1.88% decline over the past 24 hours. Furthermore, technical indicators such as the 1-week Relative Strength Index (RSI) at 56.67 suggest neutral conditions. Concurrently, the 1-week Moving Average Convergence Divergence (MACD) trading above the signal line implies a short-term bullish trend.
