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Immutable (IMX) Moves Above $2 for the First Time Since April 2022

source-logo  beincrypto.com 11 December 2023 14:33, UTC

The Immutable (IMX) price has increased swiftly since October, culminating with a high of $2 today.

The IMX price had not reached this level in more than 600 days. How long will this increase continue?

Immutable Finally Moves Above $2

The IMX price has been mired in a rapid increase since October. The rally has been significant and has not experienced and retracements. In 56 days, the IMX price increased by 300%, culminating with a new yearly high of $2.07 today. This was the highest price in more than 600 days.

While increasing, IMX also broke out from an important horizontal resistance area, which previously rejected the price in March (red icon).

IMX/USDT Weekly Chart. Source: TradingView

The RSI is a momentum indicator traders use to evaluate whether a market is overbought or oversold and whether to accumulate or sell an asset.

Readings above 50 and an upward trend suggest that bulls still have an advantage, while readings below 50 indicate the opposite.

The weekly RSI is increasing and above 50, both considered signs of a bullish trend.

For BeInCrypto’s latest crypto market analysis, click here.