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After a brief consolidation period between the $1.200 and $1.100 price levels, the IMX token has displayed a willingness to extend its upside retracement, marking a notable price increase of 10.73% in today’s trading session. Let’s assess the likelihood of this upward momentum continuing.
Key IMX Statistics:
Current Immutable Value: $1.2783
Immutable Market Cap: $1,625,283,498
Circulating Supply of IMX: 1,251,798,947
Total Supply of Immutable: 2,000,000,000
IMX CoinMarketCap Ranking: 39
Key Price Levels:
Resistance: $1.2783, $1.3000, and $1.3100
Support: $1.2700, $1.2600, and $1.2500
Immutable Seeks to Continue the Uptrend
In the past week, the IMX token has experienced significant bullish momentum, propelling prices from just above the $0.5000 mark to trade near $1.2000 recently. Today’s trading session witnessed further upward movement, bringing the token above the $1.2000 mark. Buyers are now anticipating a breakthrough past the $1.3000 mark.
It’s noteworthy that trading activities are occurring above the middle band of the Bollinger Bands indicator. Additionally, a bullish crossover is imminent as the Relative Strength Index (RSI) indicator lines converge for a bullish move in the oversold region. This confirms the potential for continued upside traction in price action.
Immutable Maintains Momentum Despite Minor Rejection
In the Immutable 4-hour market, the overall trajectory of price action appears to remain on track toward higher levels, despite facing minimal rejection. The token continues to trade beyond the upper limit of the Bollinger Bands, and the RSI indicator lines are generally trending upwards.
This signals the market’s readiness to breach the $1.300 resistance level. Consequently, Immutable may extend its upside retracement towards the $1.400 mark, as more upward momentum is likely to be injected into the market.
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