Immutable (IMX) Breaks the Psychological Level at the $2.2052 Mark

The Immutable market has traded above the $2.2052 mark in the past, but not much progress has been made beyond this level. It appears that the mentioned price level is a psychological barrier, and traders may have been taking profit as soon as the price action reached some point above that mark. Today’s trading has again surpassed that $2.2052 mark; let’s see how things may fare from here.

IMX Statistics:
Current IMX Value: $2.2721
Immutable Market Cap: $3,093,431,003
IMX Circulating Supply: 1,355,429,364
Immutable Total Supply: 2,000,000,000
IMX CoinMarketCap: 28

Key Price Levels:
Resistance: $2.2721, $2.2800, and $3.0000
Support: $2.2700, $2.2600, and $2.5000

Immutable Bulls Are Gaining Momentum

As soon as the price action in the IMX market crossed above the $2.0000 threshold, a significant price surge occurred, breaking another nearby resistance. Initially, the price move started when the price action tested the support at the $1.7001 mark. The substantial price move in this market has advanced prices significantly above the 21-day Moving Average curve.

Simultaneously, the Moving Average Convergence Divergence (MACD) indicator has indicated a momentum gain in this market, with the bars appearing solid green above the center line. Consequently, this shows that upside forces are more dominant in this market since the two applied indicators align to predict the same outcome.

Upside Forces Are Staying Dominant in the IMX Above the $2.2052 Mark

The Immutable 4-hour market seems to reveal that buyers may aim to gather more gains above this point. The previous session introduced minimal downward corrections, but buyers appear to have used it as a new entry point, resulting in further moderate upside corrections.

Additionally, it can be seen that the corresponding price candle for the session has found new support at the $2.2052 mark. As of the time of writing, this market is eyeing the $2.3000 mark. Examining the behavior of the MACD indicator lines suggests that upside forces may still have more vigor to rise through the $2.3000 mark. However, traders might want to consider crypto signals with targets aiming at the $2.3500 mark.

Trade crypto coins on AvaTrade