Immutable (IMX) Hits the $2.50 Resistance Price Mark

The immutable token made an appearance on the crypto top gainer’s list today, May 17th. As of the time of writing, this token has seen a price increase of 4.06%. Meanwhile, on the price chart, there are signs that more profits may be recorded in this market.

IMX Statistics:
Current Immutable Value: $2.426
IMX Market Cap: $3,694,446,796
IMX Circulating Supply: 1,456,815,249
Immutable Total Supply: 2,000,000,000
IMX CoinMarketCap Rank: 28

Key Price Levels:
Resistance: $2.500, $3.500, and $4.500
Support: $2.00, $1.00, and $0.500

IMX Bulls Face a Tough Challenge at the $2.500 Mark

Price action in the Immutable daily market has witnessed significant movement from the psychological level at the $2.00 mark. In today’s trading session, the token has tested the resistance at the $2.500 mark. However, there are signs that the ongoing session has faced rejection at this level. This can be seen as the last price candle on this chart has contracted downward from the mentioned price mark.

Nevertheless, trading activity remains above the Guppy Multiple Moving Average (GMMA) curves. Also, the Stochastic Relative Strength Index (SRSI) lines have continued trending upwards in the oversold zone of the indicator. Consequently, this indicates that bullish crypto signals might still be relevant in this market.

Downward Rejection in Immutable Threatens to Cause More Damage

Looking at a shorter time frame, the IMX market of 4 hours shows that the rejection in this market is growing stronger. Nevertheless, trading activities remain above the GMMA indicator lines. However, the perceived rejection seems to have intensified compared to the previous chart.

Meanwhile, the Moving Average Convergence Divergence (MACD) lines are still above the equilibrium level. Yet, it should be noted that the bars of the indicator have turned pale green, signaling that the upward momentum is weakening. Despite this, the overall trend remains intact, holding promise that the market may continue toward the $3.00 mark.

Trade crypto coins on AvaTrade