An indication has emerged suggesting that IMX/USD market activity is preparing for a downward return in the short term. The valuation of the base instrument was trading around $1.06 at an average percentage rate of 7.74 negative.
X (IMX) immutable price statistics:
IMX Price Now – $1.07
IMX Market Cap – $248.9 million
IMX current offering – 235.3 million
IMX Total Supply – 2 billion
Coinmarketcap Ranking – #127
Resistance levels: $1.50, $1.75, $2
Support Levels: $1, $0.75, $0.50
The daily chart shows that the IMX market is preparing for a downward return as the price hit the resistance around the trend line of the upper bearish channel drawn closely compared to the smaller SMA.
Today’s trading candle appears, forming a bearish trend outlook against the 14-day SMA indicator below the 50-day SMA indicator. Stochastic oscillators are located in the region of the overbought. And they closed the lines within it to signal that the current trading moment is gradually starting to witness a fall sooner or later.
Will the IMX/USD price have a downward movement?
Some indications showed that the IMX/USD market price will soon lose its moves by returning to a downward movement as it has determined that the price has hit the resistance around the upper bearish channel. At this point, it would be psychologically ideal for long-position takers to suspend taking on new buy orders. There may be a time to take long positions as the price drops to spot support around $1 over the long term.
On the downside of technical analysis, the current trading perspective describes a suitable condition that suggests that bears will get a decent entry. However, there may be a small delay in having an active downward movement to let sellers of the IMX/USD market be repositioned on a firm position against any aggressive breakout around THE SLAs. General analytical thinking suggests that a downward force will soon prevail in the market.
IMX/BTC price analysis
In comparison, Immutable X, as a basic crypto, has suffered a setback in its quest to push against Bitcoin’s trending ability. In recent days, the price has fluctuated slightly upwards. And this has led stochastic oscillators to give the current reading in the overbought that the cryptocurrency pairs market is preparing for a downward return. The 50-day SMA indicator is higher than the 14-day SMA indicator. The counter cryptocurrency is expected to exert more forces on the basic crypto.