IMX Technical Analysis
Key Insights
- IMX experienced a sharp increase of over 657%, followed by a natural correction of more than 69%, reflecting typical market behavior after significant price surges.
- The price reversal at $1.0874, coupled with increased trading volume, indicates strong support and sustained interest from market participants.
- A gradual price recovery to $2.4983 is anticipated, with potential for a new ATH in the fall, driven by the return of major participants and favorable external factors.
As of writing, IMX holds the 41st position in the CoinMarketCap rankings with a market cap of $2,485,628,922.
IMX Technical Analysis
After a prolonged accumulation phase, the asset's price demonstrated an impressive growth, rising from $0.5090 to a local high of $3.7696, which represents an increase of more than 657%.
This sharp rise indicates an exit from the accumulation phase and the beginning of a strong upward trend, confirming high interest in the asset from market participants.
However, after reaching the local high, the asset's price underwent a natural correction, decreasing to a level of $1.0874, which represents a drop of more than 69%. Such a significant decrease is typical after sharp rises as the market seeks new sustainable price levels.
From a volume profile perspective, the price fell to an area of significant interest from market participants, from which a reversal occurred. This indicates the presence of strong support at this level, confirmed by increased trading volume in this area.
It is important to note that the market in summer is often characterized by reduced activity, especially among large participants. Despite this, the support range was successfully maintained, indicating sustained interest in the asset even amid seasonally decreased trading volumes.
IMX Price Prediction
Under the current conditions, we can forecast a gradual price recovery to the next accumulation zone around the $2.4983 mark.
With the return of major market participants in the fall and the presence of external positive factors, an altseason is expected, along with a confident rise in the asset's value, potentially reaching a new local high and establishing a new all-time high (ATH).
Users can get IMX on SimpleSwap.
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