ImmutableX (IMX) Price Analysis: Bulls Aim to Flip $1.53 Resistance Zone into Support

IMX was trading at a key resistance zone that was both a Fibonacci retracement level and a bearish order block. The Bitcoin (BTC) price plunge from $64.2k to $58.2k saw IMX prices drop by 13%.

Immutable [IMX] dropped on Monday, as the token’s price fell short of reaching a key resistance level. Despite the setback, the technical indicators remained positive, and suggested that a breakout was still possible.

The token’s price dropped by 13% last week, as BTC’s price fell from highs of $64.2k to lows of $58.2k on Monday. However, despite the drop, IMX prices still managed to post gains of 100% in the past 30 days.

Despite the recent gains, the token’s price still remained down 85% from all-time highs, reached earlier in the year.

Immutable price analysis: 1-day chart

On the 13th of August, the token’s price made a higher high and did not break down below its recent higher low, thus flipping the market structure bullishly in the 1-day timeframe.

This saw the token’s price rally to highs of $1.53, where it faced resistance from the 78.6% Fibonacci retracement level.

From this level, the token’s price saw a rejection, and began to consolidate over the following sessions.

However, technical indicators remained positive, and suggested that a breakout from this level was still possible.

The Chaikin Money Flow (CMF) indicator remained in positive territory, and was seen at highs of +0.2 on Monday.

This indicated strong capital flows into the market, and showed a preference for the bulls.

The Relative Strength Index (RSI) indicator also remained above the neutral 50 level, and was seen at highs of 62.

This indicated bullish momentum, and showed that the bulls were still in control of the market.

A daily session close above $1.537 would be needed to encourage further gains.

Speculators were unconvinced, as evidenced by negative funding

While the higher timeframe bias was bullish, speculators in the lower timeframes seemed unconvinced.

The Open Interest (OI) surged during the retest of the $1.5 resistance zone, while the funding rate remained negative.

This indicated that speculators were largely positioned to the short-side, and expected a breakout from the resistance level to be unlikely.

However,OI remained to the positive side, and showed that the majority of traders were still bullish on the token.

The spot CVD also saw a downturn in the past few hours, but maintained its uptrend.

Overall, a sustained move beyond $1.53 remained likely.

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