Is ImmutableX Going to Zero? IMX Price Drops Suddenly as Rising Crypto Gem Secures $1.3 Million
Leading layer-2 scaling solution ImmutableX (IMX) has entered major retracement, as IMX price drops suddenly following a skyrocketing price move yesterday, but with panicked IMX holders asking ‘Is ImmutableX Going to Zero?’ – could this emerging crypto gem offer better returns?
The sudden drop in IMX price has left markets reeling, as IMX now ranks as the biggest daily loser in the top 100 cryptocurrencies.
So far so good for $IMX, similar to $UNFI Chart!#IMX is inside the Parallel Rising channel, monthly candle is still green!
Let’s see if this support holds as i expect it to Hold! pic.twitter.com/saCalhRFbN
— Wallstreet XBT (Binance Bot) (@WallstreetXBT) November 7, 2023
Eagled-eyed crypto traders remain with bullish sentiment following the dramatic retrace, noting that IMX is still in the green on month-on-month growth at +48%.
As ImmutableX heads south in retracement, IMX price is currently trading at a market price of $0.82 (representing a 24-hour change of -9.52%).
The retracement move was triggered as IMX price hammered-up to a local high of $1.28 following an impressive +47% daily candle.
This comes on the tail-end of strong technical posture, as IMX price mounted the 20DMA on October 22, and then broke above the 200DMA on November 4.
The 20DMA (sat at $0.68) is now ascendant heading for an imminent golden cross with the 200DMA (sat at $0.69) in an unfurling bullish move.
However, the -35% retracement has failed to significantly cool-off an overheated RSI, which remains showcasing bearish divergence at 66.97 – suggesting further retracement is likely.
The MACD contrasts this view however, demonstrating bullish momentum at 0.0241, in reflection of the positive month-on-month growth.
Overall, IMX price looks strong here,
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