ImmutableX price has been on a downtrend since March 18, losing almost 30% as selling intensified.
The $1.15 support level has broken the fall for IMX, but the Layer 2 token is still in the woods.
The altcoin could plunge further if bears prevail, possibly tagging the 50-day EMA at $1.03 first before another leg down.
ImmutableX price (IMX) exploded on March 17, but a bearish resurgence afterward saw the token spend the next week losing all that ground covered. However, IMX has identified a possible breathing zone and could use it to execute a trend reversal. The pivot comes after the recent Arbitrum airdrop on March 23, which, although it flopped, made Ethereum Layer 2 (L2) tokens a headline, capturing investors’ attention.
IMX is the first Layer 2 blockchain for NFTs on Ethereum and is touted as the top scaling solution for the network’s transactions featuring desirables such as instant trading and zero gas fees for peer-to-peer (P2P) trading. The current L2-related hype could fuel a recovery for ImmutableX price.
ImmutableX price identifies a possible inflection point
ImmutableX price of $1.19 at press time looks at a possible directional change to the upside. IMX is sitting on the $1.15 support level, which broke its fall after a 27% decline from a $1.58 high on March 18. This support came into play partly because of the ARB launch and partly because of the Gaming Development Conference, which ends on March 24.
An increase in buyer momentum above current rates could begin the northbound move for the altcoin toward the $1.36 resistance level.
In highly bullish cases, ImmutableX price could shatter the above roadblock and rally north to tag the $1.65 resistance level, denoting a 43% climb from the current price.
Conversely, if seller momentum escalates, ImmutableX price could break below the immediate support level at $1.15 and extend a leg down toward the 50-day Exponential Moving Average (EMA) at $1.03.
In the dire case, ImmutableX price could extend lower to tag the support confluence between the 200- and 100-day EMAs at $0.90.
The position of the Relative Strength Index below the mean line supported the bearish case for the ImmutableX price. The price strength was equally low, adding credence to the negative thesis.
