CandleFocus $5 Million Outflow Puts Immutable X (IMX) Price In Trouble Again
2024-09-10
Author: Content Editor
The price of Immutable X (IMX) has recently experienced a significant drop, losing almost 20% in the last five sessions. However, it is now attempting to stabilize near monthly lows and has seen a 2.33% increase in intraday trading. On-chain data shows a decrease in Open Interest contracts, indicating a reduction in futures traders' activity. Additionally, there has been a significant drop in active addresses over the past week, suggesting a decrease in user engagement. The price action analysis indicates that buyers have been unsuccessful in their attempts to recover, with the price being rejected near the 50-day Exponential Moving Average (EMA). The current trend suggests that sellers are in control, and if the $1.1 support level is broken, the price may reach a new annual low. The Relative Strength Index (RSI) and the 14-day Simple Moving Average (SMA) line show a bearish crossover, indicating short-term bearishness.
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