Immutable (IMX) price has kept declining by facing resistance from a descending trendline since March. After losing more than 60%, the bearish trend
Immutable (IMX) price remained under pressure as it faced resistance from a descending trendline, formed since March. After losing more than 60% in value, the bearish momentum appeared to have stalled near the $1 mark. Subsequently, the price encountered a breakout from the trendline, followed by a retest.
Since mid-June, IMX price has been fluctuating between the $1 and $1.60 levels. At the bottom, it formed an inverted head and shoulder pattern, which could attract buyers. A breakout from the neckline might propel further momentum. Let’s analyze what could happen after this retest.
IMX Price Forms Falling Wedge Pattern
IMX crypto was trading at $1.36 at press time, down 1.86% in the past 24 hours. Its market cap stood at $2.19 billion, while 24-hour trading volume surged by 300% to $103.24 million.
According to the technical chart, IMX price witnessed a breakout and retest from the wedge pattern. After the retest, the price encountered a 20% gain in a few hours. During this move, the price crossed above the 20-day exponential moving average (EMA) and headed towards the 200-day EMA.
Assuming the crypto asset price breaks above the 200-day EMA, a bullish trend could be anticipated. A price in the $2 territory would indicate bullish momentum, which could remain for the long term. After crossing the 200-day EMA, it is expected to recover this year’s losses.
On the other hand, if the Immutable price slips below the 20-day EMA, this breakout could turn into a fakeout. Most buyers might get trapped at the breakout, leading to strong selling pressure. Once it starts trading below the psychological level of $1, the price could melt to a new all-time low.
Technical indicators show that the RSI generated a bullish divergence, indicating the bullish prediction. Being in the good zone and crossing above the 20-day EMA, heading towards the 200-day EMA with a bullish technical indicator is a key point.
Could IMX Price Gain 350% In A Single Thrust?
According to JAVON MARK (@JavonTM1), IMX crypto has the potential to perform exceptionally. In the previous rally, while still holding some gains after the correction phase, the IMX crypto price surged by 378%.
After the attached original analysis of $IMX (Immutable X), prices went on to climb nearly +378% towards the $4.91 target before pulling back and holding some of those gains!
With this target still in play, this pullback could be supporting another +243% upside to reach it and… https://t.co/D4jJcaJlkV pic.twitter.com/ZzGW68ihw5
As per the chart structure, it is anticipated that IMX price will claim another 243% gain after the correction phase. After the previous one, the price is expected to move with greater intensity.
IMX Price Prediction From Technical Chart
Analyzing the technical chart, it can be observed that IMX price encountered a breakout and retest, which was accompanied by a surge in volume. This price action suggests the potential for further upward movement.
According to technical indicators, the price appeared to be poised for a bullish trend. There was a possibility that the price would cross above the 200-day EMA and enter a long-term bullish phase.
However, it was crucial to monitor the price closely, as a slip below the 20-day EMA could indicate a potential fakeout. This could lead to strong selling pressure, potentially driving the price to new lows.
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