The cryptocurrency market continues to record a negative price action over the past few days with the elite cryptocurrencies such as Bitcoin and Ethereum tokens recording significant correction in their respective portfolios.
However, on the other hand, altcoins have recorded a rising bullish sentiment with mid-cap and low-cap tokens recording the highest gains. Tokens such as LimeWire (LMWR) and ImmutableX (IMX) have recorded a massive uptrend in their valuations this week.
With the increased price volatility in the crypto space, will these altcoins continue to overpower the top crypto tokens this month?
The ImmutableX token has gained approximately 1% within the past 24 hours and has recorded a change of +3.86% in its trading volume. Further, the IMX price has added over 9.50% to its portfolio within the past 3 days. However, its weekly returns stand at -11.19%, indicating a mixed price action.
With a trading price of $1.59 and a market capitalization of $2.4 Billion, the ImmutableX coin price has successfully secured the 39th position in the global crypto market list.
The technical indicator, RSI, displays a bullish crossover in the 1D time frame. However, the Cross EMA 50/200-day has recorded a Death Cross, highlighting a mixed sentiment for the IMX coin price in the cryptocurrency market.
If the market pushes the ImmutableX price above the resistance level of $1.677, the bulls will continue rising and prepare to test its upper high of $2.12. Conversely, a trend reversal could pull the IMX crypto toward its crucial support level of $1.235 in the coming time.
The LMWR price has recorded a surge of 34.85% within the past day with a surge of 107% in its trading volume. Positively, with the altcoin’s recent surge, it has leveled all its losses which it had experienced this year. This indicates a rising bullish sentiment for the LimeWire token in the market.
The SMA indicator shows a positive crossover in its price chart, highlighting a strong bullish reversal for the LMWR token in the crypto space.
On the other hand, the Moving Average Convergence Divergence (MACD) records a constant uptrend in its green histogram with its averages displaying a rising pattern. This highlights a high possibility of a bullish price action during the upcoming time.
If the bulls continue to gain momentum, the LMWR price will breach its $0.450 mark and head toward its upper resistance level of $0.690. However, in case of a bearish price action, the LimeWire price could lose momentum and plunge toward its crucial support level of $0.2210.
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