Immutable

<ul><li>IMX trading volume falls 37.5% in 24 hrs, market cap holds at $4.2B, and potential for a short-term price correction.</li><li>Overbought ImmutableX (IMX) hints at a 7% price drop with key support at $2.9346 under watch.</li><li>With the token ranking #24 on CoinGecko, technical indicators suggest cautious trading ahead.</li></ul>The Immutable (IMX) token has experienced notable fluctuations in its trading metrics, which have captured the attention of market watchers. Over the past 24 hours, Immutable has seen a significant decrease in trading volume by 37.50%, amounting to $122,260,178, indicating a downturn in market activity.Despite this, the token maintains a robust market capitalization of $4,238,135,831, securing its position as the 24th-ranked cryptocurrency on <a href="https://www.coingecko.com/en/coins/immutable-x" rel="noopener noreferrer nofollow">CoinGecko</a>. Additionally, its fully diluted valuation (FDV) stands at $6,253,569,448, based on the hypothetical scenario of 2 billion IMX tokens being in circulation.<a href="https://cryptotale.org/the-remarkable-ascent-of-immutablexs-imx-in-the-layer-2-space-a-2023-market-overview/" rel="noopener noreferrer nofollow">ImmutableX, the platform&#39;s native token</a>, is currently trading above the critical 50% Fibonacci retracement level, derived from a price range between $1.6276 and $3.3775. This positioning suggests a relatively strong market posture backed by the convergence of the 50, 100, and 200-day Simple Moving Averages (SMAs) at $2.1836, $1.9076, and $1.2600, respectively, indicating a potential upward trajectory. However, despite the optimistic market signals, there&#39;s an overbought condition signifying possible buyer exhaustion, which may lead to a corrective price action.Read full article at <a href="https://cryptotale.org/imx-faces-market-correction-as-overbought-conditions-emerge/" rel="noopener noreferrer nofollow">CryptoTale.</a>

IMX Faces Market Correction as Overbought Conditions Emerge

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