Immutable X Price Analysis: Can the IMX Coin Reach $1.2 in 2023?
- The IMX coin can reach $1.2 in 2023.
- It is currently trading at $0.54 with a daily decrease of 1.3%.
- The token is down by 94.29% from its All-Time High.
IMX marked its all-time high on 26 NOV 2021 where it was priced at $9.5.
The volume of the token has decreased by 10% in the last 24 hours.
- IMX is trading with a daily volume of $10 Million.
- The token has a market cap of $610 Million. The market cap has also fallen by 1.3%.
- It has a circulating supply of 1,123,390,887 IMX, which is 56.17% of its total supply.
The performance of the token has been showing a significant bearish trend for the last 6 months. The token has almost fallen 35% in the last 6 months. After making a double bottom and giving an enormous upward
the token was rejected from the $1.45 resistance and started a bearish trend.
The IMX Coin Sentiment Analysis
The token price has decreased by 1.14%. The total social engagements of the token have tailed off by 1.7% and the total bullish sentiments have decreased by 2.88% in the daily time frame. The overall sentiments of the token are indicating a bearish trend in the price.
The price of the token decreased by 6.027% in a weekly time frame.
The total market volume has fallen by 39.96%. This coin’s total social engagements are increased by 24.74% and the total bullish sentiments are increased by 45.15%.
The weekly sentiments are showing a bit of a bullish side of the price but then also the price is negative and also the volume is down. The volume plays a major role in the bullish price of the token. If the volume does not increase the price will stay in a bearish trend.
Weekly Technical Analysis
As we can see in the chart, the price made a double-bottom candlestick pattern in the last week of Dec 2022. From that point, the token price took the support from $0.38 and reached a high of $1.5. The price was rejected from the resistance of $1.45 and since then the coin price has been in a bearish trend.
The price is currently trading at $0.54, which is a resistance. However, it acted as support in the past and took the price up to $0.82. If the price took the support from the same area, we can see an upward to $0.82. For the same move, the bullish investors have to be active at present as the price is trading at $0.54 as before.
But, The price also has a short volume, which indicates that there are low chances of the price to move upside.
The IMX Coin token price can also get to the level of $0.38 as there is a decline in the volume of the token. We can expect a bounce from the support level and again start a bullish rally from that area.
The MACD is indicating a bearish move in the price. The blue fast line is moving below the red slow line and the histogram is also showing a decline in the volume of the token.
As per the chart analysis and sentiment analysis, the short-term target of the price stays bearish. The volume is low and the MACD indicator is also showing the negative side.
However, The price can still move upwards if $0.54 acts as a support. After that, it confirms that the token value can see a surge of up to $0.82. Entries can be made by putting a stop loss below the $0.54 zone.
To reach $1.2, the IMX token price needs to break the resistance of $0.82 with an immense amount of volume. If the bulls stay in favor, we can easily get to the $1.2 range.
- SUPPORT: $0.38
- RESISTANCE: $0.54 AND $0.82
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.