Rally

Immutable

The post <a href="https://coinpedia.org/price-analysis/imx-price-retest-rally-brings-a-60-upside-potential/">IMX Price Retest Rally Brings A 60% Upside Potential</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
As the altcoins are taking crazy jumps overnight, the IMX token displays a similar price action and completes a retest. The post-retest reversal undermines the sideline anticipations of a bearish continuation.&nbsp; 
As the selling pressure over the altcoin subsides, will the Immutable token create a bullish peak? Check out now in our detailed IMX price analysis as we try to find out the future trend continuation.&nbsp; 
<h2 class="wp-block-heading" id="immutable-price-performance">Immutable Price Performance</h2> 
Despite a positive return of 28% in the last 30 days, the IMX price trend remains stuck on a sideways loop. Further, the 16.5% jump on Wednesday, struggling to sustain the bullish momentum over the next two days, reflects a huge overhead supply.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" width="1600" height="796" src="https://image.coinpedia.org/wp-content/uploads/2024/05/17151905/image-402.png" alt="" class="wp-image-303941" srcset="https://image.coinpedia.org/wp-content/uploads/2024/05/17151905/image-402.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/05/17151905/image-402-300x149.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/05/17151905/image-402-1024x509.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/05/17151905/image-402-768x382.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/05/17151905/image-402-1536x764.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/05/17151905/image-402-150x75.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
</figure> 
<a href="https://www.tradingview.com/x/MbtWaA6t/">Tradingview</a> 
In the 1D chart, the IMX price moving sideways exceeds the pullback’s resistance trendline. However, the overhead supply drives a retest. The recent jump of 21.65% within 72 hours marks the post-retest jump in the Immutable token. 
However, the altcoin is trading at $2.49 and struggling to surpass the psychological level of $2.50. Despite the token surpassing the 23.60% Fibonacci level, the uptrend chances are slim and warn of a bearish reversal to $2.&nbsp; 
Technical indicators: 
DMI: The turnaround in the IMX token leads to a bullish crossover in the VI lines, teasing a trend reversal. Further, the ADX line flattens for a potential uptick, hinting at a surge in momentum.&nbsp; 
RSI: The daily RSI line shows a constant rise, surpassing the halfway line and approaching the overbought zone.&nbsp; 
<h2 class="wp-block-heading" id="will-the-imx-price-top-4">Will The IMX Price Top $4?</h2> 
As the overhead supply is massive, the IMX price could retest the recently surpassed 23.60% trend-based Fibonacci level. However, if the bull run sustains in the Immutable token, then it might surpass the $3.779 peak to reach $4 in the coming weeks.&nbsp; 
On the flip side, a slide under $2.228 could hit $2.&nbsp;

IMX Price Retest Rally Brings A 60% Upside Potential

Table of Contents

CoinPedia News

Other articles published on May 17, 2024

JPMorgan, Morgan Stanley And UBS Among More Than 600 Firms Invested In Spot Bitcoin ETFs, Filings...

ShibaSwap Ignites 10% Surge, But Whales Are Moving Profits to a New ICO

CME Group Plans to Launch Bitcoin Spot Trading

Major Success For Chainlink: US Banks’ Pilot Program Propels LINK Price Up 6%, Details

Ethereum price rallies above $3.1K after unexpected regulatory victory

Bitcoin’s DeFi Journey Forges Ahead as Velar and Bitlayer Devise World's First BTC-based PerpDex

Join our free newsletter for daily crypto updates!