ImmutableX Breaks Out Of Downtrend, Can Price Rally To $1?

• IMX price could be ready for a short-term relief rally as price breaks out from the downtrend, creating more bullish sentiment for a recovery.
• IMX looks strong on both low and high timeframes. 
• The price of IMX breaks out on the daily timeframe after forming a descending triangle.

ImmutableX (IMX) has struggled to remain bullish against tether (USDT) after seeing its price rejected from a region of $1.3. Previous weeks for the crypto space have been slow as most altcoins, and major cryptocurrencies like Bitcoin (BTC) continued to move in a range. With so much belief in Uptober, as many would call it, has brought some relief bounces across the crypto space with ImmutableX (IMX) not left out of the train. (Data from Binance)

ImmutableX (IMX) Price Analysis On The Weekly Chart

The new month has been a relief for most crypto projects, with altcoins such as BTC, ETH, and even XRP, continuing to show strength after weeks of downtrend movement. 

The price of IMX has struggled to remain bullish, falling from a high of $1.3 to a weekly low of $0.7, with the price looking more stable as the price looks ready to bounce off from this region. 

After hitting a bottom low of $0.7, the price of IMX bounced swiftly from that region as the price rallied to a high of $1.1. Still, the price was rejected from that region as IMX was unable to breach this area aching as resistance for price and preventing a major rally to the $1.2 area.

The price would not hold as IMX found its price retesting the support at $0.7, IMX closed the week with so much indecision among buyers and sellers, but the new week looks good as there have been more buyer orders pushing the price upward. 

If the price of IMX continues to maintain this structure, we could see a retest of the $1.1 area, and if the price of IMX breaks and hold above this region, we could see a more bullish scenario.

Weekly resistance for the price of IMX – $1.1.

Weekly support for the price of IMX – $0.7.

IMX Analysis Of REN On The Daily (1D) Chart
Daily IMX Price Chart | Source: IMXUSDT On Tradingview.com

On the daily timeframe, the crypto market cap price remains bullish, holding the support at $850 billion ($850B); this has also impacted the price of the altcoins like IMX as it shows a more bullish form on the daily price chart. The price of IMX broke out of its descending triangle on the daily timeframe, with the price ready for a rally to $1-$1.2. 

The price of IMX is currently trading at $0.78, with the price holding above the 8 and 20-day Exponential Moving Averages (EMA) after breaking through resistance in this region, flipping it into a support for IMX price. The price at $0.75 corresponds to the values of 8 and 20-day EMA acting as support.

Daily resistance for the price of IMX – $1.2.

Daily support for the price of IMX – $0.75-$0.7.

Featured Image From Zipmex, Charts From Tradingview