Immutable (IMX) Is On The Rise, Clearing The Bearish Trend From The Past 30 days

Thanks to a sharp 270.12% increase in trading volume, Immutable (IMX) has increased 10.83% in the last day, hitting $1.59.

Source: CoinMarketCap 

All major timeframes show consistently strong performance, with a 36.47% gain on the monthly chart. This consistent growth suggests that IMX's upward trajectory is likely to continue.

Since March, the price of Immutable (IMX) has been falling despite resistance from a descending trendline. The bearish trend appears to have ended close to $1 after losing more than 60%. Furthermore, a retest was conducted after the price prompted a breakout from the trendline.

Since mid-June, the price of IMX has fluctuated between $1 and $1.60. At the bottom, it has created an inverted head-and-shoulder pattern that may draw buyers. Breaking the neckline might contribute to increasing the speed. Let's investigate what might occur following this retest.

As of the time of publication, IMX was trading at $1.59, up almost 11% from the previous day. The 24-hour trading volume increased 300% to $103.24 million, and the market capitalization rose to $2.54 billion.

The wedge pattern has been broken and retested by the IMX price, according to the technical chart. Within hours of the retest, the price saw a 20% increase. During this move, the price has exceeded the 20-day exponential moving average (EMA). It is approaching the 200-day moving average.

As long as the price of the crypto asset crosses above the 200-day EMA, a bullish trend is likely. A bullish signal may be present at $2 and the price may stay bullish for some time. It is anticipated to recoup its losses from this year after crushing the 200-day EMA.

Alternatively, should the Immutable price fall below the 20-day EMA, this breakout could become a fakeout. There may be significant selling pressure if the majority of buyers are stuck at the breakout. Once the price breaks below the psychological $1 level, it could plunge to a new all-time low.

The bullish prediction is highlighted by the technical indicators, which indicate that the RSI has produced a bullish divergence. The price of the IMX is approaching the 200-day EMA after surpassing the 20-day EMA. This might be a crucial bullish element.

Could the Immutable price increase by 350%?

As noted by JAVON MARK (@JavonTM1), the IMX cryptocurrency has the potential to achieve very high performance. The price of IMX cryptocurrency increased by 378% during the previous rally, and even after the correction phase, it was still up.

The chart structure predicts that after the correction phase, the price of IMX will rise by an additional 243%. It's possible that the price will move more forcefully than it did before.

IMX Price Prediction according to the technical chart

The analysis indicates that there has been a notable breakout and retest in the price of IMX. There was a spike in volume to go along with it, suggesting more upward movement.

A bullish trend was indicated by the technical indicators. It is possible that the price will move above the 200-day moving average and start a long-term bull market.

But it's crucial to keep a close eye on the price because a decline below the 20-day EMA could portend a fakeout. Strong selling pressure could result from this, possibly pushing the price to all-time lows.