The cryptocurrency industry has displayed a positive price action in its valuation for the second straight day by recording an uptrend of 3.37% within the past 24 hours, indicating increased buying pressure in the crypto market.
On the other hand, after trading under a bearish sentiment for about a month, the ImmutableX price has displayed a strong bullish reversal in its price chart since the month started, highlighting a high possibility of positive price action during May.
The IMX token started the year on a positive note by recording a jump of approximately 72%, from $2.130 to $3.655 by March. However, facing rejection at its upper resistance level, the bulls lost momentum and since then, the price has been trading under a bearish influence and lost 40% in value.
Positively, the IMX token has added 11.19% within the past day and 7.85% over the past seven days, indicating an increase in the bullish influence in the crypto space. However, the Cross EMA 50/200-day shows a bearish trend, highlighting uncertainty in the future price action.
The Relative Strength Index (RSI) shows a significant rise in the chart, indicating increased buying-over-selling pressure in the crypto industry. Moreover, the averages display a bullish pattern, suggesting a positive outlook for this altcoin in the coming time.
If the IMX price continues to trade under a bullish influence, the altcoin will continue rising and test its resistance level of $2.55 over the upcoming weekend. Maintaining the price at that level will set the stage for the ImmutableX token to attempt to test its upper resistance level of $3.085 this month.
Negatively, if the bears overpowered the bulls, the IMX token would fall to test its support level of $1.9295. Moreover, if the bears continue to dominate the market, it will plunge and fall to test its lower support level of $1.53.
Also Check Out : Top Altcoin Picks for May 2024: Buy Now for Max Gains!
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