ImmutableX’s (IMX) price has moved up sharply after being stuck in a symmetrical triangle pattern for a while. This could mean a price pump is around the corner.
Over the past day, ImmutableX’s price has seen a 12.31% pump, while its trading volume also experienced a substantial 178.87% increase. At publication, it is trading at $1.82.
However, according to Altfins’ analysis, the market now shows signs of overbought conditions, suggesting a possible pullback in the future.
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Show more +Show less – ImmutableX Chart Analysis: Breakout From Symmetrical Triangle Surpasses Target
Immutable (IMX) recently experienced a bullish breakout from the symmetrical triangle pattern, which suggests further price growth. Surpassing the $1.75 target set by Altfins, this breakout signals strong momentum. However, traders are capitalizing on this upward movement, pushing the price higher.
Despite this bullish performance, IMX is facing resistance near the 200-day moving average, a critical technical indicator. Such resistance levels often prompt hesitation in further price growth, with many traders considering locking in profits.
Image Source: Altfins
Furthermore, the RSI shows that IMX is overbought with a value over 75. This indicates that IMX’s price may be overextended, increasing the likelihood of a pullback.
Right now, analysts think ImmutableX’s price might dip to $1.50. However, this price is seen as a ‘safe spot’ that could stop the price from falling further.
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Strong Short-Term Uptrend, Long-Term Downtrend
This analysis suggests that while IMX is going up strongly in the short term, it’s not clear what it will do in the medium term. In the long term, the price has been going down. This mix of trends 6makes it hard to guess what will happen next.
Short-term traders are likely to focus on the price resistance and RSI levels, while long-term holders may be more cautious, considering the broader downtrend that IMX has followed.
Furthermore, Altfins identifies $1.25 as the next significant support zone for IMX. Moreover, if the price does start to fall, investors will watch to see if it stops at $1.50. If it goes below $1.25, the next “safe spot” is at $0.90.
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The post Overbought Signals Suggest a Potential Dip in ImmutableX (IMX) Price – Here’s Why appeared first on CaptainAltcoin.
