bullish

Immutable

Daily

Divergence

Immutable price recovery seemed to be cooling down this week as the crypto failed to capitalize on the previous week’s gains. IMX struggled to surpass the 50-day exponential moving average and headed downward. 
When writing, IMX was exchanging hands at $1.47 post a swift intraday loss of 0.77%. The earlier sessions of this week saw continued recovery from the previous week. However, the week suffered from selling pressure and widened the losses by 10.3%.&nbsp; 
IMX lagged behind the market trend as the Bulls failed to make a strong comeback. Price is down nearly 65% from its March lows and still struggling. The recent rebound in the broader markets due to the Ethereum ETF and Bitcoin 2024 conference could not pull it back out of a correction phase.&nbsp; 
<h2 class="wp-block-heading" id="h-why-immutable-price-lagged-behind-the-market-trends">Why Immutable Price Lagged Behind the Market Trends?</h2> 
The recent trends highlighted increasing awareness of IMX amid its recent efforts to solve the scalability issues.&nbsp; 
Moreover, this integration provides the platform with high transaction liquidity and ensures the security of users’ assets. This makes it highly competitive in the cryptocurrency market.&nbsp; 
Immutable’s relationships with key industry players have also enhanced its credibility and attractiveness to investors. 
However, IMX faces several challenges. The regulatory environment for digital assets remains unpredictable, and any unfavorable actions by regulators can impact the platform. 
Furthermore, the industry is becoming increasingly competitive, with new entrants vying for market share. Despite these challenges, the potential for high revenues remains strong, attracting continued investment into IMX. 
<h2 class="wp-block-heading" id="h-price-daa-divergence-suggests-further-improvement">Price DAA Divergence Suggests Further Improvement</h2> 
The previous week saw a strong rebound, but the Bulls could not continue this week, and the price suffered.&nbsp; 
Notably, the price DAA divergence indicator highlighted a positive divergence. It indicated the possibility of further improvement in the price. <iframe loading="lazy" title="Santiment Chart: Price (IMX), Price DAA Divergence (IMX)" width="800" height="425" src="https://embed.santiment.net/chart?ps=immutable-x&amp;pt=IMX&amp;df=2024-06-27T18%3A30%3A01.967Z&amp;dt=2024-07-28T18%3A29%3A59.967Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bprice_daa_divergence&amp;wax=0&amp;wc=%2326C953%3B%23FF5B5B&amp;ws=%3B" scrolling="no"></iframe> 
As per the data obtained by Santiment, a positive divergence between the IMX price and Daily Active Addresses indicates further bullish waves may be on the horizon. The DAA (Daily Active Addresses) reveals the unique number of addresses that have taken part in a transaction in a day.&nbsp; 
<h2 class="wp-block-heading" id="h-what-s-next-for-immutable">What’s Next for Immutable?</h2> 
The long-term trend seemed to be bearish from a technical standpoint as it lags nearly 24% from the 200-day exponential moving average. The short-term trend outlook seemed neutral between the 50-day and 20-day EMAs.  
<a href="https://in.tradingview.com/chart/IMXUSD/K42ku6Hb-Can-Immutable-Price-Align-with-Market-Trends-or-Continue-to-Lag/"> </a>&nbsp; <a href="https://in.tradingview.com/u/Ritika_TCR/"> </a> &nbsp; <a href="https://in.tradingview.com/"> </a>  
If the selling pressure exceeds and the price looms below the 20-day EMA, it may indicate a bearish continuation. The price may resume lower to test the recent swing low towards the $1 level. 
On the flip side, if the bulls take charge and surpass the recent 50-day EMA hurdle. It may regain strength and surge to challenge the 200-day EMA toward the $2 level.&nbsp; 
The price has hovering in a neutral zone, where a bullish or bearish continuation is possible. The MACD indicator revealed an improvement above the zero line, suggesting a bullish continuation. 
The post <a href="https://www.thecoinrepublic.com/2024/07/29/can-immutable-price-align-with-market-trends-or-continue-to-lag/">Can Immutable Price Align With Market Trends Or Continue To Lag?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Can Immutable Price Align With Market Trends Or Continue To Lag?

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