ImmutableX [IMX] price prediction for 2023 : Will IMX be able to trade above $1 ?

• ImmutableX lost previous week gains and and forming a bearish engulfing candle
• Despite recent partnerships and positive news, bears are dominating IMX token prices.
• IMX prices approaching fresh all time low again, Super trend generated fresh sell signal.

ImmutableX prices has been reversing downwards with mild bearish cues, after getting rejection from $0.500 level with deep bearish candle, The previous few session was dominated by the bears, currently the prices are 0.46% up, while the volume to market cap ratio is stood at 0.0265

IMX prices had been in a strong downtrend for quite a longtime, prices have rejected the linear trendline thrice showing the lack of interest of buyers on the higher levels. After prices break down $0.698 support, bears are continually dominating and dragging the price to lower levels.

Will bulls be able to defend recent lows ?

Source : Tradingview

On a higher timeframe, IMX prices had been very volatile in the past couple of months. In June prices took support near $0.698 and showed some positive upside momentum towards $1.278 but unfortunately due to unfavorable environment prices were not able to sustain the higher levels and lost the complete gain. In October prices slipped below the important support zone $0.698 which drags the price further down towards $0.380

After taking support at $0.380, prices saw minor consolidation and recovered a little bit approaching 50 day ema (pink) which will act as an immediate hurdle for bulls in coming days followed by next resistance at $0.698 and $0.944. The 200 ema (green) sloping linear downside indicates a positional trend to remain weak for the coming months.

Smaller time frame narrative

Source : Tradingview

On a lower time frame, IMX prices had been consolidating in the tight range between $0.380 to $0.518. Recently, the super trend indicator generated a sell signal which indicates the short term trend to remain weak. As of now aggressive traders must avoid buying opportunity in this token till its trading below $0.518 If the price breakout above $0.518 bulls may witness some relief rally towards $0.698, whereas if price slipped below the $0.380 bears may drag the price little more down towards $0.200

Conservatiive traders and investors should wait for a $0.698 upside breakout for creating any buying positions, else it’s better to avoid the token at current levels.

Summary

ImmutableX bulls has been struggling a lot to gain buyers momentum back, but they had failed multiple times, as of now, technical indicators and price action does not shows any indications of trend reversal, so it’s better to avoid buying the token at current levels till it does not trade above the resistance zone mentioned in chart.

Technical levels

Resistance levels : $0.698 and $0.944

Support levels : $0.380 – $0.200

Disclaimer

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

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