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The price of the Immutable token surged by an impressive 15.60% today. Consequently, it seems that some traders are now taking profits, causing opposition to the price action of this token in the market. Will the upside retracement continue from this level? Let’s find out.
Key Immutable Statistics:
Current IMX Value: $0.9214
Immutable Market Cap: $1,154,909,216
Circulating Supply of IMX: 1,251,798,947
Total Supply of Immutable: 2,000,000,000
IMX CoinMarketCap Ranking: 45
Key Price Levels:
Resistance: $0.9214, $0.9500, and $0.9700
Support: $0.9200, $0.9100, and $0.9000
IMX Still Appears Optimistic in the Daily Market
Today’s trading session witnessed the Immutable token extending its upside retracement that commenced four trading sessions ago. Initially modest, the upside correction quickly escalated, pushing prices to higher levels. However, the recent price increases have led to a notable price decline, as indicated by the upper shadow on the last price candle.
Despite this, the ongoing session maintains its position above the Guppy Multiple Moving Average (GMMA) lines. Additionally, the token’s price remains above the 50 Fibonacci Retracement level. The Moving Average Convergence Divergence (MACD) indicator demonstrates continued healthy upside momentum, as depicted by its green bars growing taller. The lines on this indicator continue to rise above the equilibrium level, suggesting that the upside momentum might persist.
Immutable Corrects Towards Nearby Support
After breaching the $0.9500 threshold, headwinds seem to have been activated in the IMX market. Consequently, the price has corrected downward, intersecting one of the green GMMA lines. However, the last price candle on the chart still remains above the second GMMA line. The Relative Strength Index (RSI) doesn’t contradict the bearish outlook in this market.
The RSI lines are trending downward after flattening out near the 100.00 level. Nevertheless, with the price activity still above most of the GMMA lines, traders may anticipate a rebound from $0.9150 towards the $0.9700 mark.
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