Immutable Token (IMX) Market Cap and Price Analysis: A Surge in Derivatives Trading Volume Highlights Market Presence

Over the last few days, the Immutable token market cap has consistently advanced. Its market cap surged to $2.249B, and the token ranked #39 on CoinMarketCap.

The Immutable (CRYPTO: IMX) token price fell 4% in the last 24 hours and was trading at $1.42 at press time.

Over the last seven days, the token’s price surged 21% and was up 115% over the last 30 days.

The token’s market cap stood at $2.249 billion and was ranked #39 on CoinMarketCap.

A total of $42.836 million worth of IMX tokens were traded in the last 24 hours, which was 1.91% of the token’s market cap.

The circulating supply of the token was 1.572 billion IMX at press time, which was 78.64% of the maximum supply of the token.

Immutable had a strong market presence of 0.10%, and the fear and greed index of the token was 48. That indicated neutral sentiment among the investors, while the supply inflation of the token was very high at 31.90%.

The performance metrics of the Immutable token were very strong, according to ChainBroker. Despite this, the Immutable token’s revenue declined over the last few days.

Immutable Token Derivatives Data Analysis

A surge of 51% in the derivatives trading volume of the Immutable token was recorded. It resulted in a traded value of $61.01M.

Despite the surge in the derivatives trading volume, the open interest for IMX declined by 3% in the last 24 hours.

Additionally, the value of the longs liquidated for the token was worth $88.49K. Against this, the value of the longs liquidated in the last 24 hours was much higher at $88.49K. It showed the dominance of bears over the token price.

IMX Token Technical Analysis

The IMX token has been entrenched in a downtrend for the past five months, with its price consistently declining to new lows. This sustained bearish momentum has resulted in lower lows on the price chart, underscoring the prolonged dominance of sellers in the market.

Amid this downward trajectory, the IMX token has developed a falling wedge pattern. The price has been trading within this formation, typically viewed as a bearish continuation pattern. However, falling wedges can also signal a potential reversal if the price breaks to the upside.

If the IMX token breaks above the falling wedge pattern, accompanied by a significant increase in trading volume, it could begin a bullish reversal. Such a breakout would indicate a shift in market sentiment. It could pave the way for a strong upward movement in the token’s price.

Immutable Token Technical Indicator Analysis

The technical indicators on the IMX token’s daily chart reflected a pronounced bearish trend. It was driven by a consistent decline in the token’s price over time.

IMX/USD Chart by TradingView

The 50-day- and 200-day EMAs have been steadily declining, culminating in a death cross. This development further reinforces the ongoing downtrend in the market.

Moreover, the Supertrend indicator has issued a sell signal, with the token price trading below the average true range (ATR) level. It underscored the persistent downward pressure.

Additionally, the MACD and signal line have remained intertwined in negative territory for an extended period. This signaled sustained weakness in the IMX token’s price action.

The RSI also remained below the 50 level, closely overlapping with the 14-day SMA, positioned at 44 at the time of writing. This alignment indicated a lack of bullish momentum and continued bearish sentiment.

Looking ahead, the IMX token may find support at $0.510 and $0.90. Meanwhile, resistance levels have been anticipated at $1.60 and $2.60, which could pose challenges to any potential upward movement.

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

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