[Immutable X (IMX) Daily Traders Face Losses on Rally Attempt]
Monday's market selloff sent IMX to its lowest price since November 2023. Although IMX has recovered slightly over the past 24 hours, day traders are still facing losses. The price of IMX has increased by 3% in the past 24 hours, but day traders are still recording losses.
According to the latest data, 167 of IMX’s active addresses (37% of daily active addresses) are in the red, that is, the current market price of the asset is lower than its purchase cost. Only 23 addresses (5% of daily active addresses) were profitable on the trade, while 58.24% were breakeven, with an average purchase price equal to the token’s current market price.
IMX’s Market Value to Realized Value (MVRV) ratio suggests a buying opportunity. According to data from Santiment, IMX’s 30-day and 90-day MVRV ratios are -11.13 and -37.78 respectively, indicating that the asset’s current market capitalization is lower than the average purchase price of its circulating tokens, typically a good buying opportunity.
Although IMX’s MVRV ratio is giving a buy signal, it is important to note that the coin is still trading within a descending channel that has formed a continued lower price trend. If IMX continues to trade within this channel, its price could drop to $0.92 and target the $0.67 floor that currently forms support. However, if the trend corrects and IMX shows an uptrend, its price could rebound to $1.58.
