Immutable (IMX) Sees an Upward Rebound and Pokes Through a Key Technical Level

The Immutable coin has appeared as the second most profitable token today. This comes after the coin recorded over 9.17% in price growth. Indicator signals are still suggesting that the market may continue upward. Let’s take a closer look below.

IMX Market Statistics

Current Price: $0.737

Market Capitalization: $1.43B

Circulating Supply: 1.93B

Total Supply: 2B

CoinMarketCap Rank: 66

Key Price Levels

Resistance: $0.750, $0.800, $0.850

Support: $0.700, $0.650, $0.600

IMX Upside Rebound Looks Promising

The Immutable market at the moment retains a promising outlook. The market has rebounded off support at the $0.675 price level and has risen above the 9-day Exponential Moving Average (EMA) line.

Meanwhile, the lines of the Stochastic Relative Strength Index (SRSI) indicator have dropped deep into the oversold region of the indicator. At this point, it seems the SRSI indicator is not reflecting much of the gains being recorded in the ongoing session.

Immutable Extends Gains

On the IMX 4-hour chart, price activity can be seen proceeding upward and higher past the 9-day EMA line. In fact, the most recent price candle on this chart can be seen standing clearly on the 9-day EMA curve.

Meanwhile, the lines of the SRSI indicator have been rising further into the overbought region. While this development looks positive, the fact that the indicator’s lead line is now around the 77 mark with just a moderate price increase raises concern about how long the upside trend may last. Therefore, traders are advised to keep a tight target around the $0.800 price level.

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