Immutable Price Books Losses Despite Bullish Sentiment! Will IMX Price Bounce Back?

The crypto industry has recorded a neutral move as the Market cap has witnessed a rise of less than 0.01% within the past day, indicating a possibility of a cool-off in the market. On the other hand, Layer 2 tokens have displayed a significant price action, suggesting mixed emotions around the space.

Immutable price has displayed a negative trading day as the price has recorded a loss of 6% in value within the past day. The IMX price had recorded a remarkable run as the price has gained over 18% compared to the past week, with a cumulative addition of over 126% within the past month.

The IMX price was seen trading in a consolidated range between $0.5840 and $0.6969 for a brief period, indicating a weak interest among the investors for this coin. November started on a positive note as the bulls successfully gained power and broke out of the range.

The immutable price recorded a jump of over 38% in value within a day, indicating a strong bullish influence in the market. The price was then rejected at $0.9618, following which the price experienced correction and retested its support level of $0.8098.

The bulls managed to regain power and break out of the resistance level at $0.9618. Further, it was seen hovering around its resistance/support level of $1.1311 for over a week, after which the price recorded bullish sentiment and successfully broke out of the range at $1.2089.

The coin then displayed a sideways trend before attempting to test its important resistance level of $1.50 where it got rejected and has been trading under a bearish influence since.

The Moving Average Convergence Divergence (MACD) has displayed significant price volatility recently, indicating an ongoing buying and selling pressure in the market. Further, the averages show a bearish convergence, suggesting the price will experience a correction in value soon.

Will IMX Price Regain Value?

If the bulls hold the price above the resistance/support level of $1.4134, the price will regain momentum and make a run to test its upper resistance level of $1.50.

Maintaining the price at that level will set the stage for IMX price to attempt to test its upper resistance level of $1.5952 in the coming days.

Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $1.2809. Moreover, if the bears continue to dominate the market, it will plunge further and test its lower support level of $1.1311 in the coming month.