Immutable (IMX) Price Analysis: Altcoin Shows Strong Performance, Outperforming BTC and ETH

The price of Immutable (IMX) experienced a significant surge within the past 24 hours, as reported by CoinMarketCap. As of the current press time, the altcoin is trading at $0.8098, marking a 6.61% gain over the course of the day. It reached its highest point at $0.8272 during this period but has retraced slightly since then.

Impressively, IMX has outperformed the two leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), during the same time frame. At present, IMX has seen a 6.22% increase against BTC and a 5.67% increase against ETH. Not only has the altcoin witnessed a price rise, but its daily trading volume has also surged by over 100%, reaching $35,325,857 at the time of writing.

Over the past two weeks, IMX’s price had been consolidating within a range of $0.708 and $0.837. On Thursday, the altcoin’s price dropped to the lower level of the price channel, prompting a bullish response from buyers. This influx of buying volume propelled IMX’s price above the 9-day and 20-day exponential moving average (EMA) lines on Friday.

Furthermore, the altcoin made an attempt to retest the upper level of the consolidation channel but failed to close the trading session above the key resistance level. Although there was an effort to convert the level into support earlier in today’s trading session, a pullback occurred once again.

Nonetheless, technical indicators on IMX’s daily chart still indicate a bullish outlook. The daily relative strength index (RSI) line has crossed above the daily RSI simple moving average (SMA) line, signaling positive momentum. Additionally, the 9-day EMA line is on the verge of triggering a significant bullish signal by crossing above the 20-day EMA line.

Please note that all the information and opinions shared in this price analysis are published in good faith. Readers are encouraged to conduct their own research and due diligence before making any investment decisions. Any actions taken by the reader are strictly at their own risk. Coin Edition and its affiliates shall not be held liable for any direct or indirect damages or losses incurred.

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