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After price activities in the immutable market crossed the $1.3000 mark, price action moved quite rapidly towards higher levels. At this point, the token is set to trade between the $2.100 and $2.200 marks. Currently, technical signs are aligning to give bullish impetus to this market.
Key IMX Statistics:
Current Basic Immutable Value: $2.025
IMX Market Cap: $2,508,178,698
IMX Circulating Supply: 1,288,194,242
Total Supply of Immutable: 2,000,000,000
IMX CoinMarketCap Ranking: 30
Key Price Levels:
Resistance: $2.053, $2.100, and $2.200
Support: $2.000, $1.900, and $1.800
IMX Eyes the $2.100 Price Level
In the past three trading sessions, price action in the Immutable market punched its way through the $1.800 mark. A minor downward correction occurred in the previous session, but bulls quickly bounced back in this session with more resounding dominance. The token now trades above the $2.00 threshold. The shorter upper shadow on the corresponding price candle for the ongoing session suggests that buyers are still joining the uptrend above the 50-day Moving Average (MA) line.
Likewise, the Moving Average Convergence Divergence (MACD) indicator lines have delivered an upward crossover above the equilibrium level. The lines of the indicator have since progressed upward. By implication, technical indicators are affirming that bulls are strong in this market.
Tailwind Continues to Mount in the Immutable Market
Upward forces in the IMX 4-hour market are showing moderate consistency. Price action can be seen maintaining its position above the 21-day Moving average line. Also, green price candles have been appearing on this chart for the past five trading sessions, portraying that bulls are maintaining fine control over price movements.
Likewise, the MACD indicator lines have aborted a bullish crossover above the equilibrium level. In addition, the lines are now trending slowly upward, with short green bars appearing above the equilibrium level of the MACD’s indicator. Therefore, traders can anticipate a continued upside retracement towards the $2.150 mark.
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