Immutable (IMX) Presents a Fair Fight Against Additional Price Declines

Just like most cryptocurrencies, the Immutable token has also displayed considerable signs of life by swinging high and obtaining higher support afterward. As of today, the price of the token has increased by 3.68%. This came after the market retreated, dipping through the $3.50 price level to below the $2.98 price level.

IMX Statistics:
Current IMX Value: $2.80
Immutable Market Cap: $3,940,991,550
Immutable Circulating Supply: 1,397,489,784
IMX Total Supply: 2,000,000,000
Immutable CoinMarketCap Rank: 31

Key Price Levels:
Resistance: $2.80, $3.20, and $4.00
Support: $2.30, $1.80, and $1.30

Price Action in the Immutable Market Sustains Above the $2.50 Mark

After price activity in the IMX daily market retreated below the Fibonacci Retracement level of 23.60 to test the Fibonacci Retracement level of 38.20, buyers seemed to have re-entered the market with significant vigor. This pushed the market off the tested support level, bringing the market upward.

The token now trades above the $2.50 mark and precisely at the $2.80 mark. Although price action still lies below the Guppy Multiple Moving Average (GMMA) curves, it can be seen that the last price candle on this chart has started rising through the GMMA lines. However, the Stochastic Relative Strength Index (SRSI) indicator lines could be seen approaching a bearish crossover. Consequently, this gives the market a divergent outlook and more careful observations are needed.

IMX Price Action Continues to Cross the GMMA Lines

The Immutable 4-hour market has shed more light on how the market is developing. The previous session for this token recorded a considerable gain, the ongoing session has started out in the same direction but seems to still lack much support from upward market forces.

As tiny as the recorded gains in the ongoing session, it could be seen that it has placed the market above the green set of the GMMA lines. The SRSI indicator seems to have revealed the direction in which the market may proceed through the delivered bullish crossover in the oversold region. Therefore, it appears that the best crypto signals to use at this point are bullish ones since the market has the propensity to continue towards the $3.50 mark.

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