📊 $5 Million Outflow Puts Immutable X (#IMX ) Price In Trouble Again

Immutable X price seemed to be trading in green after experiencing a bloodbath in the last five sessions. IMX has slipped downwards wiping out nearly 20% in the period. It is now trying to stabilize near the monthly lows.

At the time of writing, Immutable X was exchanging hands at close to $1.198, recording a 2.33% rise intraday. Recent on-chain data shows a drop in Open Interest contracts in the recent sessions.

Let’s analyze the possible trajectory of IMX Price for September and find out whether Immutable may head for a recovery or if the losses will expand.

🔸 Immutable Futures Traders Stepping Back From the Market

In the recent sessions, Bitcoin slipped below $60K, triggering panic among investors. The panic in the broader market put pressure on the altcoins, with Immutable losing nearly 20% in less than a week.

Moreover, in tandem with the price drop, the futures traders stepped back from the long side. As per the data obtained from an on-chain analytics website Santiment, the Open Interest contracts have dropped from $28.1 Million to $23 Million, a nearly 17% drop over the week.

Nearly 5.1 Million positions have been liquidated in recent sessions, indicating a long unwinding among the short term traders. Moreover, the volume to market cap ratio at 2.24% suggests low volatility in the crypto.

Also, the 24 hour active addresses seemed to be constant in the recent sessions, whereas the 7 day active address was observed to be decreasing constantly indicating a drop in the user engagement.

The active addresses reflect the change in number of users that have taken part in any transaction in a given period of time. An increasingly active address often leaves a positive impact on the price and vice versa.

🔸 Immutable X Price To Crash to a New Annual Low or Recover?

The price action analysis showcases buyers’ failure. Recently, the bulls attempted a recovery after stabilizing near the lows. However, the price suffered rejections near the 50 day EMA and slumped.