Immutable (IMX) Price Trying to Break the Resistance

The IMX price broke out of the consolidation but constantly failed to surpass the resistance zones of $1.56 and $1.62, which has made these levels important to achieve. The platform also experienced a significant rise in volume, due to which the volatility of the token may remain above average levels. The bears are trying to drag the levels below the resistance zone and hence the question arises whether they may reclaim their dominance.

The IMX price has formed a triple bottom, which is largely considered a bullish trend that is formed after a downtrend. However, to do so, the price is required to clear the resistance zone and achieve the next one at $1.8. This may push the price above $2, which may further push the price to $2.5 and form new yearly highs above $4. $IMX