Immutable X (IMX), a layer-2 scaling solution focused on NFTs and gaming applications, experienced an impressive price recovery in September. On September 21 alone, IMX rallied by 20%. It reached a high price level of $0.77, the highest since July. However, sellers later caused most of the gains to disappear.
As of the time of writing, the altcoin temporarily dropped to $0.5555, experiencing over 25% loss from its highest level in September at $0.7699. Meanwhile, Bitcoin (BTC) defended the lower range and surpassed $27,000 at the time of writing.
IMX Price: How Much is it?
The rise order block (OB) was identified as the lowest level of the July range, ranging from $0.681 to $0.705, before turning into a resistance. The wide price movement also turned $0.62 and the 50-EMA (Exponential Moving Average) into resistance levels.
At the time of writing, the price movement reached the next significant support level at $0.5555. If BTC does not drop below $26,000 again, there may be fluctuations between the 50-EMA and the $0.5555 support. A retest of $0.62 can only occur if the 50-EMA barrier is overcome.
However, a long decline may fall to the range of $0.54 or the 4-hour rise OB ranging from $0.518 to $0.506 (teal). The downward movement towards the oversold zone of the RSI indicated that sellers were firmly in control. Additionally, the CMF fluctuating below zero revealed that there was no significant capital inflow into the IMX market over the past few days.
IMX Comments and Future
After the significant rally on September 21, the positive trend had risen to March levels. However, as indicated by the increase in supply on the exchange, the subsequent intense selling pressure brought the weighted sentiment closer to neutral at the time of writing.
In addition, the Network Growth decreasing may have indicated an additional decline that could further limit a strong upward movement in network recovery in the short term.
