Immutable (IMX) Price Surge: Will the Momentum Continue or Face Resistance?

The price of Immutable (IMX) has surged dramatically since September, hitting a fresh yearly peak of $2.45 today. Currently, it’s hovering within a long-standing resistance zone, sparking questions about a potential breakout to a new all-time high or whether the upward momentum might be reaching its peak.

Immutable’s journey has seen an upward trend since the year began, reaching $1.60 in March. After a decline beneath a descending resistance trend line, IMX established a higher low in October, breaking out from that trend line the following month.

Notably, IMX has charted ten consecutive weeks of bullish candlesticks, trading within the final long-term resistance zone before the all-time high of $9.50. Today’s surge to $2.46 marks the highest price since March 2022.

Analyzing the Relative Strength Index (RSI) can signal overbought or oversold conditions, guiding traders on asset accumulation or selling strategies. An RSI above 50 during an upward trend favors bulls, while below 50 indicates the opposite.

IMX’s weekly RSI is on the rise and above 50, indicating a bullish trend. The daily time frame similarly displays bullish indicators, with IMX breaking out of an ascending parallel channel on December 11, validating it as support on December 18.

Yet, IMX faces multiple resistance levels around $2.35, including a horizontal barrier and the 1.61 external Fib retracement level. The daily RSI shows a bearish divergence, often preceding notable downward movements.

The IMX price’s next move—whether it breaks above $2.35 or retreats within the channel—will likely shape its future trend. A successful breakout could drive a 50% increase to the $3.50 resistance, while a retreat might lead to a 35% drop towards $1.50, a crucial support level.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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