Immutable Token (IMX) Technical Analysis: Falling Wedge Pattern Hints at Potential Reversal

The Immutable token's 78.64% of the maximum supply was circulating in the market at press time. The derivatives volume of the Immutable token advanced by 94%

The Immutable (CRYPTO: IMX) token price encountered a 0.76% loss during the past 24 hours and was trading at $1.14 at press time. This occurred as the token’s derivatives volume increased by 94% in the same time frame.

The token’s volume/market cap ratio stood at 2.24%, indicating lower liquidity in the token price.

Immutable Token Key Metrics

The Immutable token ranked 38th in the global crypto market, with a market cap of $2.093B at press time.

The token’s circulating supply was 1.83B IMX, out of a total supply of 2.0B. This resulted in a fully diluted market cap of $2.662B.

The token’s price was trading 86% lower than its all-time high price.

Further, the token’s large holders’ concentration was 90%, while the price correlation with Bitcoin was 0.92.

Immutable Token Holder Distribution

A total of 91.14K addresses held the Immutable token, out of which the top 10 holders alone had 79.05%.

Over time, the token has witnessed consistent advances in its holding addresses.

At press time, 35% of the token holders were in the money, having purchased the token at a lower price than the current market price.

Additionally, 49.63K addresses had experienced a loss.

IMX Token Technical Analysis: Bearish Trend Continues

The IMX token has been in a downtrend, consistently declining to lower levels over the past five months.

This bearish movement has resulted in lower lows on the price chart, highlighting the prolonged dominance of sellers in the market.

As a result of this persistent downtrend, the IMX token has developed a falling wedge pattern. This is accompanied by the price currently trading within this formation.

The falling wedge is typically a bearish continuation pattern. However, it can also signal a potential reversal if the price breaks out to the upside.

Suppose the IMX token price breaks above the falling wedge pattern with a significant increase in trading volume. If this happens, it could indicate the beginning of a bullish reversal.

Such a breakout would suggest a shift in market sentiment, potentially leading to a strong upward movement in the token’s price.

Immutable Token Technical Indicator Analysis

The technical indicators on the IMX token’s daily chart reflected a strong bearish trend. It was driven by a consistent decline in the token’s price over time.

The 50-day and 200-day EMAs have been steadily declining, culminating in a death cross, reinforcing the ongoing downtrend.

IMX/USD Chart by TradingView

Additionally, the Supertrend indicator has issued a sell signal, with the token price trading below the average true range (ATR) level. It further highlighted the downward pressure on the market.

The MACD and signal line have remained intertwined in negative territory for an extended period. It indicated sustained weakness in the IMX token’s price action.

The RSI also remained below the 50 level, overlapping with the 14-day SMA. Both metrics were positioned at 44 at the time of writing. This signals a lack of bullish momentum and continued bearish sentiment.

The IMX token may find support at $0.510 and $0.90. At the same time, resistance levels are anticipated at $1.60 and $2.60.

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

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