Immutable (IMX) Market Contracts as It Tests the Support at the 1.7001 Mark

The Immutable market started retracing lower after testing the resistance at the $2.500 mark. However, the market is now behaving as if price movement has reached a strong base. Let’s see what may happen at this point in this market.

IMX Statistics:
Current Immutable Value: $1.795
IMX Market Cap: $2,382,423,161
Immutable Circulating Supply: 1,330,254,662
IMX Total Supply: 2,000,000,000
Immutable CoinMarketCap: 37

Key Price Levels:
Resistance: $1.795, $1.850, and $2.000
Support: $1.750, $1.700, and $1.600

Immutable Bulls and Bears Are Locked in a Fierce Struggle

The ongoing session in the IMX market seems particularly like a tough struggle. The corresponding price candle for the ongoing session seems significantly contracted. The price candle can be seen to have a centrally positioned body with almost equally distributed upper and lower shadows. By implication, this suggests that bulls and bears are fiercely engaged.

Nevertheless, trading activity continues below the Crossed Guppy Multiple Moving Average curves (GMMA). Consequently, this signals that bearish pressure may be at its strongest. Furthermore, the bars of the Moving Average Convergence Divergence (MACD) indicator lines have continued to fall below the equilibrium level. Red bars can also be spotted below the indicator’s equilibrium level.

IMX Bulls Show Willingness to Keep Fighting Headwinds

Moving to the Immutable market in a 4-hour timeframe, it could be seen that bulls have sustained an upside correction move for the second consecutive session. This could be seen as two green price candles have appeared off the support level at the $1.7001 mark. It appears that the market may gather more momentum as the last price candle has placed the token’s current price above three out of six of the GMMA lines.

Simultaneously, it could be seen that the applied Stochastic Relative Strength Index (RSI) curves are still trending upward after aborting a bearish crossover in the oversold region. The steep upside bearing of this indicator line suggests that the upside correction as a result of the rebound off the 1.7001 mark may continue through the $1.800 mark towards the $1.900 mark.

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