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COINTURK NEWS > Altcoin News > IMX Price Analysis: Will the Altcoin’s Recent Rally Lead to Another Drop?
Altcoin News

IMX Price Analysis: Will the Altcoin’s Recent Rally Lead to Another Drop?

In Brief

  • 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.ContentsIMX Price: How Much is it?IMX […]
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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.

Contents
IMX Price: How Much is it?IMX Comments and Future

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.

Disclaimer: The information in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research before making any transactions.
You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 28 September, 2023 - 11:43 pm 28 September, 2023 - 11:43 pm
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