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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- May 17, 2024 09:49 UTC
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IMX Price Retest Rally Brings A 60% Upside Potential
The IMX price trend shows a remarkable post-retest reversal rally.
The bullish reversal aims is trying to surpass the $2.50 mark.
An uptrend continuation could reach the $4 mark.
As the altcoins are taking crazy jumps overnight, the IMX token displays a similar price action and completes a retest. The post-retest reversal undermines the sideline anticipations of a bearish continuation.
As the selling pressure over the altcoin subsides, will the Immutable token create a bullish peak? Check out now in our detailed IMX price analysis as we try to find out the future trend continuation.
Immutable Price Performance
Despite a positive return of 28% in the last 30 days, the IMX price trend remains stuck on a sideways loop. Further, the 16.5% jump on Wednesday, struggling to sustain the bullish momentum over the next two days, reflects a huge overhead supply.
In the 1D chart, the IMX price moving sideways exceeds the pullback’s resistance trendline. However, the overhead supply drives a retest. The recent jump of 21.65% within 72 hours marks the post-retest jump in the Immutable token.
However, the altcoin is trading at $2.49 and struggling to surpass the psychological level of $2.50. Despite the token surpassing the 23.60% Fibonacci level, the uptrend chances are slim and warn of a bearish reversal to $2.
Technical indicators:
DMI: The turnaround in the IMX token leads to a bullish crossover in the VI lines, teasing a trend reversal. Further, the ADX line flattens for a potential uptick, hinting at a surge in momentum.
RSI: The daily RSI line shows a constant rise, surpassing the halfway line and approaching the overbought zone.
Will The IMX Price Top $4?
As the overhead supply is massive, the IMX price could retest the recently surpassed 23.60% trend-based Fibonacci level. However, if the bull run sustains in the Immutable token, then it might surpass the $3.779 peak to reach $4 in the coming weeks.
On the flip side, a slide under $2.228 could hit $2.
Yes 
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