Immutable price drops below $1.00; Sellers dominance on IMX Price

• Immutable Price formed a double top pattern and dropped below $1.00.
• IMX price slipped below the 50 and 200-day EMA showcase downtrend.
• Immutable crypto price corrected 13% approx on the current week.

Immutable Price corrected 13% approx in the current week and slipped down by forming a double top pattern. IMX Price dropped below the crucial support of $1.00, which hurt the sentiment of the investors. 

IMX price faced a hurdle at the 50-day EMA and also dropped below the 200-day EMA. It shows a positional trend is reversed in the downward direction. However, the price is approaching the demand zone, and buyers will try their best to bounce back. 

Immutable Price is trading at $0.739 with an intraday decline of -2.38%. The 24-hour volume to market cap ratio is 0.0274. The pair of IMX/BTC is trading at 0.00002759 with an intraday decline of -2.44%. 

The chart structure of IMX with the BTC pair is forming a similar bearish pattern and displays a death crossover.It indicates sellers are highly active in both the pairs and continuing the dominance. At the mid of March, IMX Price took support near $0.800 and formed a bullish engulfing pattern. 

Later prices gained positive momentum and rallied 100% approx in a short period of time. It hit a swing high at $1.588, and momentum halted. IMX’s price faced a hurdle near $1.588, and slowly, it began to decline and witnessed profit booking from the higher levels.

When Immutable Price correction takes a halt?

Immutable Price eroded the returns generated in the past few months and disappointed the long-term investors. The volume in the IMX crypto is also in a declining phase, showing fresh buyers are hesitating to accumulate at lower levels. 

If the buyers succeed in defending the $0.600 level, then a short-term rebound is possible. However, the Immutable price will pick up momentum only after climbing above $1.00. On the other hand, if the sell-off continues and the price drops below $0.600, then it might create concern for long-term investors. 

Moreover, bears will try to drag it further down to the yearly lows. The technical analysis suggests IMX price is in a correction mode, and it might take a halt near $0.600 and is likely to enter consolidation.

IMX Price bearish on multiple time frame

IMX Price is forming a bearish pattern on multiple timeframes, and no signs of recovery are visible. The market leader Bitcoin and Ethereum price is also mildly bearish, which is negatively affecting the prices of other Altcoins. 

Technical indicators like MACD had generated a negative crossover, but the curve is sloping sideways. It indicates bears lacking the downside momentum, and prices may consolidate for some time. The RSI at 30 denotes oversold territory, which might trigger a short-term relief rally from lower levels. 

Conclusion

Immutable Price corrected a 13% approx in the current week and formed a bearish pattern. The positional trend in IMX price is turned in the downward direction, and the price dropped below $1.00 support. However, the price is near the demand zone and is expected to take a halt near the $0.600 level. 

Technical levels

Resistance levels : $1.000 and $1.250

Support levels : $0.600 and $0.377

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.