Immutable X is a layer-2 scaling solution for NFTs on the Ethereum blockchain, using zk-rollups for gas-free transactions.
Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken.
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IMX Price Analysis
- Current Price: $1.46 – $1.48
- Market Cap: $846.3 million
- 24-hour Trading Volume: $39.76 million – $48.4 million
- Circulating Supply: 570.35 million IMX
- Total Supply: 2 billion IMX
Trends appear to be reversing (bullish). After a breakout from Symmetrical Triangle pattern, price rallied to $1.75 – $1.85 resistance zone where it got rejected.
Pullback to $1.50 support could be a swing entry opportunity with +20% upside potential back to $1.80. Stop Loss at $1.35.
Weekly Price Analysis
Over the past week, IMX has seen a fluctuating price range between $1.41 and $1.68. The price rise in certain periods was influenced by growing attention toward NFT and blockchain gaming, which Immutable X focuses on heavily.
Trend: Short-term trend is Down, Medium-term trend is Neutral, Long-term trend is Neutral.
Momentum: Price is neither overbought nor oversold currently.
Support and Resistance: Nearest Support Zone is $1.25. Nearest Resistance Zone is $1.75, then $2.50.
Indicators Value
IMX is currently down by 61% from its all-time high of $4.
Key Indicators
- Relative Strength Index (RSI): Approaching neutral territory.
- Moving Averages: IMX is trading slightly below its 50-day moving average.
News Roundup
- Immutable X continues to focus on its core gaming ecosystem and NFTs. Recent developments have drawn attention to the platform’s scalability, offering zero gas fees for transactions.
- Analysts have noted that IMX’s rally earlier in the month was cut short due to profit-taking.
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