As the sell-off in the cryptocurrency markets subsides, altcoins have begun to regain strength, with some outperforming the general market trend. Some altcoins that are performing better than the overall market are now aiming for new peaks. IMX Coin is one of them, and its current trajectory is targeting heights beyond the current rise. So, how much will IMX Coin be worth?
IMX Coin Commentary
Altcoins like DOGE and SHIB have not benefited from the ongoing market rally as much as expected. However, not all altcoins are showing such weakness. The price of IMX Coin has been rapidly increasing since October, reaching a peak of $2.6 in December 2023.
After being quiet for a while, the popular altcoin finally came to the forefront last week, breaking out of the resistance area and reaching $3.06. The altcoin reached its best price in two years, making a weekly close above the long-term resistance area that had been stagnant since February 2022.
The RSI is above the neutral zone, but it has loosened a bit as the price increased, creating a bearish divergence. While this does not necessarily indicate a pullback, if the RSI relaxation continues, it could mean that sales might shake the price.
IMX Coin Price Prediction
Cryptocurrency commentators have a positive outlook on IMX Coin in particular. According to them, the price will continue its strong trend. Popular crypto analyst CryptoScofield expects a 50% increase since the breakout of the wedge pattern. IWantCoinHaberleri is among the experts who identified the $0.5 bottom and benefited from a 300% increase, believing that more is possible.
Readings on the daily chart indicate that the uptrend will continue. Both wave counting and RSI are positive. According to Elliot wave counting, IMX Coin’s price is in the fifth and final wave. The RSI, which is also above the neutral zone on the daily chart, supports the possibility of a higher peak in the last wave.
Having broken free from the $2.45 horizontal resistance area, the price could reach the $4 target of the fifth wave. While this indicates a 35% increase from the current price, if the price closes below $2.45, the dream could be shattered.
In a bearish scenario, closures below the resistance could predict a 40% decline to $1.75. At this support level, it is likely that buyers will step in to limit losses.