ImmutableX (IMX) Price Prediction: Overbought Signals Suggest a Potential Dip – Here's Why

ImmutableX's (IMX) price has moved up sharply after being stuck in a symmetrical triangle pattern for a while. This could mean a price pump is around the corner.

ImmutableX (IMX) price seems to be gearing up for a potential correction after displaying an impressive rally. The price experienced a 12.31% surge over the past 24 hours, accompanied by a significant 178.87% increase in trading volume. At the time of writing, IMX price is noted at $1.82.

However, Altfins analysis reveals that the market is currently overbought, indicated by the RSI, which could lead to a pullback in the upcoming sessions.

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IMX Price Analysis: Breakout From Symmetrical Triangle Surpasses Target

As covered earlier, Immutable (IMX) price recently experienced a bullish breakout from a symmetrical triangle pattern, hinting at further price growth. Surpassing the $1.75 target set by Altfins, this breakout signaled strong momentum traders are capitalizing on this upward movement, pushing the price higher.

Despite the bullish performance, IMX price is facing resistance near the 200-day moving average, which serves as a critical technical indicator. Such resistance levels often prompt hesitation in further price growth, with many traders considering locking in profits.

Furthermore, the RSI indicates that IMX is overbought, with a value over 75. This suggests that IMX’s price may be overextended, increasing the likelihood of a pullback.

Based on the analysis, ImmutableX’s price could correct to $1.50. However, this price is considered a ‘safe spot’ that could prevent the price from falling further.

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Strong Short-Term Uptrend, Long-Term Downtrend

The analysis suggests that while IMX is going up strongly in the short term, it’s not clear what it will do in the medium term. In the long term, the price has been going down. This mix of trends makes it hard to guess what will happen next.

Short-term traders are likely to focus on the price resistance and RSI levels, while long-term holders may be more cautious, considering the broader downtrend that IMX has followed.

Additionally, Altfins identifies $1.25 as the next significant support zone for IMX. Moreover, if the price does start to fall, investors will watch to see if it stops at $1.50. If it goes below $1.25, the next “safe spot” is at $0.90.

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