Immutable (IMX) Increase Leads to Highest Price in Over 600-Days

The Immutable (IMX) price has increased parabolically since September, reaching a new yearly high of $2.45 today.

The price currently trades inside a long-term resistance area. Will it be able to break out and reach a new all-time high, or has the rally this year come to an end?

IMX Creates Ten Bullish Candlesticks

The IMX price has been mired in an uptrend since the start of the year. The upward movement led to a high of $1.60 in March. 

After a descent under a descending resistance trend line, IMX created a higher low in October and broke out from the trend line the next month. 

Since then, the IMX price has led to ten successive bullish weekly candlesticks. The altcoin trades inside the final long-term horizontal resistance area before the all-time high of $9.50. It reached a new yearly high of $2.46 today, the highest price since March 2022.

IMX/USDT Weekly Chart. Source: TradingView

With the RSI as a momentum indicator, traders can determine whether a market is overbought or oversold and decide whether to accumulate or sell an asset.

Bulls have an advantage if the RSI reading is above 50 and the trend is upward, but if the reading is below 50, the opposite is true.

The weekly RSI is increasing and is above 50, both considered signs of a bullish trend.

For BeInCryptos latest crypto market analysis, click here.

Top crypto platforms in the US | December 2023

The post Immutable (IMX) Increase Leads to Highest Price in Over 600-Days appeared first on BeInCrypto.

Leave a comment