Immutable X (IMX) Recovers Lost Support at 0.7966

Immutable X price movements seem to have gained support at the $0.7966 price level, as the price candle seems to be sitting comfortably at this price mark. Signs ensuing from technical indicators support speculation that more upside retracements may occur in this market. Let’s get a closer view of things.

IMX Analysis Data
IMX Value Now: $0.8141
Immutable X Market Cap: $757,472,638
Immutable X Moving Supply: 914,163,545.54
IMX Total Supply: 2,000,000,000IMX CoinMarketCap Ranking: 59

Major Price Levels:
Top: $0.8141, $0.8191, and $0.8231
Base: $0.8101, $0.8071, and $0.8041

Immutable X May Attract More Buyers

Price action in the Immutable X market has shown some impressive performance after it moved by 6.54% on the day. Yet indications in this market align with expectations of a higher retracement of price movements. The last price candle in this market is situated above the 78.60 Fibonacci Retracement level. Meanwhile, the curve of the Moving Average Convergence Divergence indicator stays in pursuit of the equilibrium level as it continues trending upward. Also, the Relative Strength Index (RSI) indicator continues to trend upwards after a bullish crossover above the 70 levels of the indicator. All the observed indications are positive, suggesting further upward retracements.

IMX Seems Set to Continue on Its Upward Path

Zooming in on the IMX/USD 4-hour market time frame, it could be seen that buyers have started gaining more traction in the new trading session. The last price candle here is a dash price candlestick with a wick on the top side. Also, the RSI curves have delivered a crossover on their way toward the oversold zone of the indicator. Meanwhile, the lines of the MACD are merged together but haven’t performed any crossover yet. Technically, it can be inferred that buyers are few in this market, but their influence stands above that of sellers. Therefore, a retracement towards the 0.8350 mark may occur.

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