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With the recovery of Bitcoin‘s price to $44,000, excitement in altcoins has also begun to climb to desired levels. We have seen many cryptocurrencies like SOL Coin experience double-digit increases. The number of altcoins that have multiplied from their bottom levels is increasing day by day. So, what is the expectation for the popular altcoin that has reached its 600-day peak?
IMX Coin Commentary
Immutable (IMX) price has risen in a parabolic form since September and has finally reached a peak of $2.45. This is the best price of the year 2023, and the rally is exciting. However, the process has been challenging for IMX Coin bulls as the price recovered from the bottom in October and broke free from the trend line the following month.
Since then, IMX price has been creating rising candles for 10 weeks. The altcoin is currently struggling to maintain $2.3, with RSI above the neutral zone. BTC continues to fluctuate between $43,800 and $44,100.
Following the latest data, the risk appetite of investors has swelled with the support of ETF approval expectations, but the PCE data coming tomorrow is important. There is a very high probability that the data will be announced lower than expected. Moreover, the Fed has already reached its year-end targets.
If we do not see any major negative surprises, it is likely that IMX Coin investors will maintain their upward momentum.
IMX Coin Price Target
Signals on the weekly and daily charts indicate that the rise is set to continue. Moreover, the general market sentiment also supports the IMX Coin rally. A rapid increase triggered a breakout from a rising parallel channel on December 11th, and the channel was confirmed as support on December 18th. This is extremely important as it legitimizes the breakout.
The only issue is that the price is currently continuing to trade in the resistance area of $2.35. This area has been both a horizontal resistance zone and a historical retracement level. Therefore, the short-term performance seems likely to be shaped by the reaction at $2.35.
If the closures above $2.35 continue, we may see new peaks, but in the opposite scenario, a return to the channel could occur. A successful breakout and daily close above $2.35 could trigger an approximate 50% increase towards $3.5.
