IMX Price Surges As Volatility Increases! What’s Next For Immutable This Week?

The post IMX Price Surges As Volatility Increases! What’s Next For Immutable This Week? appeared first on Coinpedia Fintech News

After displaying a neutral trend for a while, the IMX price has recorded a jump of over 11%, indicating a rise in the bullish sentiments for the coin. Further, the rise in the bull power within the crypto space is assumed to be the prime reason for the pump.

The Immutable price traded in a closed range between $1.8925 and $2.0916 for a brief period, following which the market lost momentum and the price broke down its support level. After this, the price traded between $1.7223 and $1.8925 for the next four days. After multiple failed attempts, the bulls gained just enough momentum to break out of the resistance level.

TradingView: IMX/USDT

The price then traded sideways for about a week, indicating weak buying and selling pressure for the coin in the market. Following this, the bulls recorded a breakout, but the rally was short-lived as the price faced rejection at $2.3414. After this, the price traded between $2.0916 and $2.3414 for the next seven days.

During this time, the bulls made multiple attempts to break the resistance level but repeatedly failed as the bears displayed a strong liquidation point at that level. As the market volatility increased, the bulls successfully broke out of the resistance level and recorded a jump of over 24.5$ in valuation.

After facing rejection at $2.8083, the price traded sideways in a narrow range between $2.6599 and $2.8083 for a while. Recently, Immutable (IMX) recorded a jump of over 11% within the past 24 hours, making it the top gainer of the day in the industry.

Will Immutable Price Increase?

The technical indicator, MACD, displays a rising green histogram, indicating an increase in the buying pressure within the market. Moreover, the averages show a bullish jump, suggesting the price will continue gaining value in the coming time.

If the market holds the price above the support level of $2.8083, the bulls will test its resistance level of $3.20 this week. Further, if the bulls maintain the price at that level, it will set the stage for Immutable to attempt to test its upper resistance level of $3.50 in the upcoming weeks.

Conversely, if a trend reversal occurs, the IMX price will lose momentum and fall to test its support level of $2.8083 soon. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $2.6599 this month.