CandleFocus Breakout And Retest In IMX Price, Volume Up By 300%
2024-09-19
Author: Content Editor
The price of Immutable (IMX) crypto has been on a declining trend since March, but it appears to have found support near the $1 mark. The price recently broke out from a descending trendline and performed a retest. In recent weeks, it has been trading between $1 and $1.60 and has formed an inverted head and shoulder pattern, which could attract buyers if the neckline is broken. Currently, the price is at $1.36, with a market capitalization of $2.19 billion and a 24-hour trading volume of $103.24 million. Technical analysis suggests that a bullish trend may be expected if the price surpasses the 200-day exponential moving average (EMA), potentially leading to recovery and gains in the $2 territory. However, a slip below the 20-day EMA could result in a fakeout and further selling pressure, potentially pushing the price to new lows. Some analysts believe that IMX has the potential for significant gains, with a target of $4.91 and a possible 243% upside after the correction phase.
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