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The daily crypto movers list has it that IMX has witnessed a price increase of 2% today. However, these price movements remain impacted by the recorded gains. At this point, the only thing that can be noticed is that bulls are trying to restrain the downward correction in this market. Yet, bears seem to be favored over bulls.
Immutable Statistics:
IMX Value Now: $0.5748
IMX Market Cap: $648,224,716
Immutable Circulating Supply: 1,123,390,887
IMX Total Supply: 2,000,000,000
Immutable CoinMarketCap Ranking: 53
Major Price Levels:
Top: $0.5750, $0.5800, and $0.5900
Base: $0.5748, $0.5700, and $0.5600
IMX Remains Under Bearish Pressure
The behavior of price action in the IMXUSDT daily market reveals that buyers are struggling in this market. After price action broke through the support formed by the 78.60 Fibonacci Retracement level, bears appear to have kept getting the best out of this market. This can be seen as an earlier bullish upside retracement attempt failing.
Price action remains below the 9- and 21-day Smooth Moving Average (SMA) curves. Likewise, the Relative Strength Index (RSI) indicator curves continue to fall deeper into the oversold zone. In line with the observed bearish indication, it could be seen that the upper shadow of the last price candle suggests that headwinds are having a significant influence on the ongoing session.
Immutable Price Action Eyes Lower Support Levels
Moving to the Immutable 4-hour market, it could be observed that price action has a strong bearish indication. Price action stays under the 9- and 21-day SMA curves. What’s more, is that the SMA lines have just converged for a cross just above the last bearish price candle.
Consequently, this suggests that shot traders may be in for more profit in this market. In addition, the RSI curve keeps diving South, towards the oversold region. All the observed indications here are in line with the opinion of a further downward correction towards the $0.5650 price level.
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