CandleFocus Can IMX Break Through Resistance or Face a Pullback?
2024-09-18
Author: Content Editor
The global cryptocurrency market cap has increased by 1.48% in the past 24 hours, with trading volumes up 27%. Bitcoin rose 2% to reach a 21-day high of $61,316, causing altcoins to also experience notable gains. Specific attention has been given to Immutable X (IMX), which surged more than 9% and reached a 17-day high of $1.487. The coin's trading volume also spiked 252%, indicating increased activity. While community sentiment around IMX is positive, price action analysis suggests that buyers have faced challenges, with the coin trading below key EMAs and facing risks of a further crash. In the short term, sellers seem to control the market, with resistance levels at $1.49 and $1.62 if bullish momentum continues, and potential decline towards $1.21 if bearish pressure persists. Traders are closely watching for signs of sustained strength or potential reversals in the future.
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