IMX crypto has experienced notable price movement, marked by a rate of 7.52%. This could lead to unpredictable price movements shortly.
Immutable X (IMX) crypto has experienced a notable price surge of 7.52%, hinting at potential volatility in the short term. Despite this, bullish sentiment seems to be prevailing among investors.
According to Coincodex, IMX price sentiment remained bullish throughout. The fear and greed index, currently at 54, also indicated a neutral stance among investors, suggesting balanced market sentiment. This could be attributed to the lack of extreme optimism or pessimism in the market.
Moreover, the IMX crypto token displayed bullish momentum as it broke above crucial resistance levels on its chart. The strength of the IMX network security was also evident, earning a score of 90.96 from Certik Skynet. At press time, the token ranked #78 globally and belonged to the AA security tier, showcasing its robust security measures.
In the last 24 hours, the IMX token saw its market capitalization increase by 7.7% and a 13.3% rise in trading volume. At press time, according to DefiLlama, the token had raised $200 Million and held $11.2 Million in liquidity. Additionally, 3.88% of the market cap, equivalent to $99.81 million, was staked, reflecting investor confidence in the project.
However, the token’s supply inflation rate stood at 26.69%. This could lead to a depreciation in its value if the supply continues to increase. This inflationary pressure remained a potential concern for the token’s long-term value stability.
Only 39% of IMX crypto holders have maintained their positions for over a year. This indicated a relatively short-term holding pattern for the majority of investors.
The token exhibited a strong correlation with Bitcoin, with a correlation coefficient of 0.84. It means that the IMX price tends to follow Bitcoin’s market movements.
In the past seven days, the IMX token saw significant exchange outflows of $8.14 Million. This suggested that many investors may move their tokens to cold storage or other platforms. It potentially signaled long-term holding intentions or concerns over exchange volatility.
Currently, 42% of IMX holders are in profit, while 49% are experiencing losses, based on 92.2K active addresses. Despite these mixed results, the token has experienced a steady increase in holding addresses in recent weeks. It reflected growing interest and participation in the IMX network.
Notably, the largest individual holder of IMX controls 37.69% of the token’s maximum supply. This could potentially impact liquidity and market dynamics, especially during high volatility.
Over the past five months, the IMX coin has been largelyсті in a persistent downtrend. A consistent decline to new lows marked it. This prolonged bearish phase has emphasized sellers’ strong control in the market. It was reflected by the formation of lower lows on the IMX price chart.
During this downward spiral, the IMX crypto has developed a falling wedge pattern, often associated with bearish continuation trends. The pattern reinforced the ongoing downward momentum, signaling that sellers have dominated the token’s price action for an extended period.
Additionally, the IMX price recently broke above the falling wedge pattern. Strong bullish candlesticks on the chart further followed this. This indicated the rise of bulls’ dominance, which increased the price.
IMX crypto’s recent bullish price action led to a golden cross in 20- and 50-day EMA. The price also broke above the following EMAs but traded below the 200-day EMA.
IMX/USD Chart by TradingView.com
The MACD indicator also gave a strong buy signal on the daily chart. The MACD and the signal line trading in a bullish trajectory followed this. The histograms formed on the chart further were strongly bullish.
Additionally, the RSI exhibited bullish behavior as it traded at 66.6. The crossover above the 14-day SMA followed this.
The IMX token might take support at $0.510 and $0.90. On the other hand, resistance levels are anticipated at $1.60 and $2.60. It could pose significant challenges to any potential upward movement.
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