- Immutable has a bullish structure.
- The token was quick to recover from the recent market-wide price drop.
As a seasoned analyst with years of experience navigating the volatile crypto markets, I find myself intrigued by Immutable [IMX]. Despite the recent market-wide downturn that sent Bitcoin plummeting and IMX prices tumbling by 13%, this resilient token has shown an impressive ability to bounce back.
In simpler terms, the cryptocurrency Immutable (IMX) was being traded at a significant barrier where it met both a Fibonacci retracement level and a bearish order block. The rapid fall of Bitcoin‘s price from $64,200 to $58,200 caused IMX prices to decline by 13%.
Over the last few weeks, the buyers’ substantial progress could not be easily reversed. Although the current situation suggested optimism from the bulls, the futures market did not entirely share this sentiment.
The bias is bullish on the daily IMX chart
On August 13th, the Immutable token formed a new peak without falling below its latest higher support level, which resulted in a bullish reversal within the daily timeframe. This move pushed the price up to touch the 78.6% Fibonacci retracement level at $1.53.
On Monday, the 26th of August, it encountered a refusal at the resistance point, yet the bulls were attempting to enter again. The technical signs suggested that a breakthrough might occur soon.
As a researcher, I observed that the Capital Movement Index (CMF) stood firm at +0.2, signifying robust inflows of capital into the market. Moreover, the Relative Strength Index (RSI) continued to hover above the neutral 50 mark, suggesting that the bullish momentum could persist.
A daily session close above $1.537 would encourage further gains.
Negative funding showed speculators were unconvinced
Although a longer-term outlook suggested optimism, short-term traders showed less enthusiasm. As the price tested the $1.5 resistance area, Open Interest significantly increased. However, the funding rate persisted in being negative.
Realistic or not, here’s IMX’s market cap in BTC’s terms
This showed mixed signals of bulls eager to bid but also being in a slight minority.
Over the last few hours, there’s been a drop in activity at the specified point (CVD), but it has continued to trend upward overall. It’s anticipated that it will surpass $1.53 in a prolonged and consistent manner.
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2024-08-30 02:15