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The price of the Immutable token has witnessed a significant surge today. This token’s price action recently bounced back from a support level at the $0.4822 mark, leading to a substantial upswing in its value. However, the current rebound is based on a higher support level. Let’s delve into the details.
Key IMX Statistics:
Current Immutable Value: $0.6151
Immutable Market Cap: $741,381,181
Circulating Supply of IMX: 1,208,896,260
Total Supply of IMX: 2,000,000,000
Immutable CoinMarketCap Ranking: 50
Key Price Levels:
Resistance: $0.6151, $0.6200, and $0.6300
Support: $0.6100, $0.6050, and $0.6000
Upside Momentum Takes Center Stage in the Immutable Market
As previously mentioned, price action in the Immutable daily market found a new support level at $0.5171, initiating a rebound roughly five trading sessions ago. Each session has since witnessed substantial price increases, with today’s session posting the most significant gains and the potential for further upward movement.
Notably, the IMX token now trades above the 21-day Moving Average (MA) curve. Furthermore, the leading line of the Relative Strength Index (RSI) indicator remains in the overbought region. It’s worth noting that this leading line is trending sideways as if it has reached its upper limit around the 100 mark on the RSI.
IMX Uptrend Likely to Persist
Transitioning from the daily chart to a smaller IMX 4-hour market reveals that the RSI’s leading line’s sideways movements may not necessarily result in a trend reversal.This view is supported by another bullish crossover on the RSI indicator.
The indicator’s lines are resuming their upward trajectory following this crossover. Additionally, the ongoing session remains above the MA line. Consequently, the current trend remains robust, and it may enable price action to breach the $0.6300 resistance level, bringing the next resistance at the $0.6400 mark into focus.
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