The global cryptocurrency market cap increased by 1.48% over the past 24 hours, with trading volumes up 27% after several days of bearish sentiment.
Cryptocurrency Market Growth
Bitcoin has risen 2%, hitting a 21-day high of $61,316. Following suit, altcoins also saw notable gains, with IMX capturing significant attention.
IMX Achievements and Concerns
Over the past 24 hours, Immutable X (IMX) surged more than 9%, reaching a 17-day high of $1.487. IMX’s trading volume spiked 252%, signaling increased activity among traders. Over the past month, the coin is up 23%, currently ranked 37th on CoinMarketCap. Moreover, community sentiment around IMX is largely positive, with 85% of participants feeling bullish. However, price action analysis suggests that buyers have faced challenges. Although bulls attempted a recovery after stabilizing at lower levels, the price was rejected at the 50-day Exponential Moving Average (EMA), wiping out recent gains. Currently, IMX is trading below the 20, 50, and 200-day EMAs, presenting risks of a further crash. The $1.10 support level has held firm, but a break below this could push IMX towards a new annual low.
Short-Term Forecast for IMX
In the short term, sellers appear to control the market, with bulls struggling to regain momentum. IMX’s daily chart shows a bullish trend supported by the 9-day EMA at $1.353, while the Relative Strength Index (RSI) stands at 54, indicating a neutral stance. If the bullish momentum continues, resistance levels at $1.49 and $1.62 may be tested. On the flip side, sustained bearish pressure could result in a decline towards $1.21, with a key support level at $1.10.
As IMX tests critical resistance levels, traders are watching closely for signs of sustained strength or potential reversals in the days ahead.
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