Immutable X Faces Bearish Outlook Amid Market Volatility

Immutable X (IMX) has experienced a significant downturn, with its price dropping by 4.06% against the US Dollar in the last 24 hours. The cryptocurrency has underperformed the broader market, which saw a 2.40% decline in total market cap during the same period. IMX's performance against Bitcoin was particularly poor, with an 8.43% loss.

The coin's medium-term trend remains bearish, having lost 16.87% in the past month. Despite predictions of a potential 30.02% price rise, the overall sentiment is pessimistic, as indicated by 74% of technical indicators. The market's Extreme Greed index suggests overvaluation, adding to concerns about sustainability.