The Immutable X Price Manages To Overcome Major Resistance

The Immutable X price pumped over 10% in the last 24 hours to trade at $1.25 as of 11:45 p.m. EST as investors increase their portfolios’ exposure to the altcoin.

The price of Immutable X (CRYPTO: IMX) pumped over 10% in the last 24 hours to trade at $1.25 as of 11:45 p.m. EST on Monday, as investors increased their portfolios’ exposure to the altcoin.

With this latest gain, the IMX price is also up more than 7% on the weekly time frame. Its monthly performance, however, remains in the red zone.

The Immutable X Price Manages To Overcome Major Resistance

4-hour chart for IMX/USD (Source: GeckoTerminal)

The Immutable X price was able to break above the major resistance level at $1.2290 in the past 24 hours. Shortly after breaching this point, the crypto’s price started to level off. This could be due to traders realizing their profits from the recent surge in IMX.

Should the Immutable X price maintain a position above $1.2290 for the next 12 hours, the altcoin could have the technical foundation needed to keep climbing in the short term. Bulls might subsequently look to push IMX up to as high as $1.3785.

However, the Immutable X price closing a 4-hour candle below $1.2290 within the next 12 hours could invalidate the bullish thesis. In this alternative scenario, the altcoin might be at risk of plunging to the next major support level at $1.0830 in the following couple of days.

Immutable X Price Losing Its Technical Strength As Traders Take Profit

From a technical perspective, it seems IMX is losing some of its bullish momentum. Indicators on the crypto’s 4-hour chart warn that the Immutable X price could soon enter into a negative trend. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are starting to show bearish signs.

In the last couple of hours, RSI readings have remained in the mid-60s. Although the indicator’s current reading above 50 can be seen as a sign of bullish strength, the neutral slope of the RSI line might be an early sign of an upcoming change in power between buyers and sellers.

IMX’s bullish phase seems to be nearing its end as well. This is after the MACD line collapsed towards the MACD Signal line in the last 24 hours. Traders might see an intersection between the two lines as an indication that the Immutable X price has exited its positive trend and entered a new bearish cycle. This could then lead to a drop in the crypto’s price.

While traders begin to realize their gains from IMX’s recent surge, investors continue to pour capital into the presale for layer-2 meme coin Pepe Unchained (PEPU).

Unleashing A Much More Powerful PEPE

PEPE has risen through the crypto ranks in a relatively short time to become one of the leading meme coins in the space. However, the frog-themed token offers no utility to investors, which puts the long-term sustainability of its popularity at risk. PEPE holders also face high fees and slow transaction times because of how congested Ethereum is.

Pepe Unchained (PEPU), with its own layer-2 network, aims to address all of PEPE’s current shortfalls by introducing a super-charged version of the meme coin. Not only will PEPU achieve lightning-quick speeds up to 100 times faster than that of any meme coin on Ethereum, investors and token holders will also be able to transact at much lower costs.

Pepe Unchained also gives investors the ability to seamlessly bridge their assets between the Ethereum and Pepe Unchained blockchains. This enables token holders to combine Ethereum’s robust security framework with Pepe Unchained’s unmatched transaction times.

A YouTuber with 149,000 subscribers, Zach Humphries, said in one of his latest videos that he has high expectations for Pepe Unchained.

Fast-Approaching The $9 Million Mark

Investors are also bullish on PEPU, having sent more than $8.6 million to the project’s ongoing ICO. If this momentum continues, it may only be a matter of time before Pepe Unchained’s ICO reaches the $9 million milestone.

Unlike many other crypto ICOs, PEPU investors will not have to wait for the project to launch before their money starts to work for them. This is because there is a 227% APY on offer to anyone who buys and stakes PEPU at this early stage.

Pepe is preparing to surf his own Layer 2 blockchain – the first of its kind! ?? pic.twitter.com/T41V8wNDBh

— Pepe Unchained (@pepe_unchained) August 8, 2024

To get in on these rewards, investors can utilize the buy widget on the project’s website

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