Bitcoin‘s price correction is ongoing, and closures below $42,000 are stirring concerns about a deeper bottom. In general, there is negativity in altcoins, and deeper losses are likely if the BTC price drop intensifies. The feared scenario for the cumulative value of cryptocurrencies is a test of $1.25 trillion support. Despite all this, IMX Coin is heading to the top.
Why is IMX Coin Rising?
The timing is unfortunate, but despite the BTC fluctuations, IMX Coin has again surpassed the $2 threshold. The cryptocurrency, which has been recovering rapidly since October, has risen 300% in 56 days. The price, which exceeded $2.07, reached this level for the first time in 600 days.
Moreover, the resistance area, which was last rejected in March, was successfully broken during the rise. Daily chart readings show that the IMX price has risen by maintaining the support trend line since the bottom. Moreover, the RSI supports the continuation of this rally, and the price is at the $2 threshold as this article is being written.
The reason for the rise seems mostly related to technical breakout. Indeed, we saw that the AVAX Coin price made new peaks against the market after the same long-term breakout. Today, a few altcoins continued to draw demand despite the BTC decline.
Speculators on the exchanges can trigger such speculative rises in the midst of BTC price fluctuations and make profits even in unpleasant market conditions. For now, there are such rises in a few altcoins like IMX, AVAX.
IMX Coin Expert Commentary
Popular cryptocurrency analyst CryptoTony said IMX was one of the strongest altcoins during today’s decline. He also believes the rally will continue. If the rise in the IMX Coin price continues, we could see it peak higher at $2.25.
If a roughly 15% increase from the current price is not enough to stop the bulls, a target of $3.35 can be expected for profit-taking. As few altcoins rise while BTC is falling, these rallies can grow massively with abnormal demand.
But despite the IMX price prediction, a break from the parabolic support trend line will say that the rally is now over. In this case, we could see a pullback to the $1.35 support.
