The Immutable price is now at $1.39, down 6.83% from the previous day, while the cryptocurrency market has lost 1.45% today as well.
IMX has outperformed the market over the last two weeks, rising by 27%, but it has managed to hold onto a 6% gain in the previous seven days.
Source: CoinMarketCap
These increases are encouraging for the layer-two coin, which has also increased by 136% in the last year due to ImmutableX's expansion as a Web3 gaming platform.
Furthermore, the Immutable price may make a significant comeback very soon as the market is expected to move into more bullish territory over the next few months.
In terms of its chart and indicators, Immutable is still in a strong position, indicating that more gains could be forthcoming before a potential correction.
For example, its 200-period average (blue) has been below its 30-period moving average (orange) for more than a week, and it has started to rise again after a brief decline a few days ago.
While IMX's relative strength index (purple) has also slightly decreased over the last few days, it has now returned to 50, indicating continued momentum.
This places it in a strong position for a quick recovery, and since the coin's support (green) and resistance (red) levels are approaching one another, a possible breakout could occur within the next few days.
Additionally, some analysts believe that its medium-term decline since the end of July—along with its decline since mid-March—has primed it for a significant rebound in the coming month or so.
Immutable [IMX] was trading near a bearish order block and a significant resistance zone, which coincided with a Fibonacci retracement level. IMX prices fell by 13% during the Bitcoin [BTC] price decline from $64.2k to $58.2k.
The substantial gains the buyers had made over the previous few weeks could not be undone by it. Although the available data indicated bullishness, the futures market was not entirely in agreement.
The Immutable token made a higher high on August 13 and refused to drop below its most recent higher low, which caused the market structure to turn bullish in a single day. As a result, the price reached $1.53, the 78.6% Fibonacci retracement level.
The resistance level rejected it on Monday, August 26, but the bulls were pounding on its door once more. Based on the technical indicators, a breakout appeared probable.
Strong capital flows into the market were indicated by the CMF, which was at +0.2. Additionally, the RSI held above neutral 50, suggesting that the bullish momentum might hold.
To stimulate additional gains, a daily session close above $1.537 is recommended.