beincrypto.com
The ImmutableX (IMX) price has increased swiftly in the last 20 days, culminating with a high above $3 today.
IMX faces only one more resistance before reaching its all-time high price. Can it break it?
IMX Increases Above $3
The IMX price has increased swiftly since October 2023. The upward movement culminated with a 2023 high of $2.60 in December.
After a correction lasting several months, the IMX price finally broke out from the resistance area last week, culminating with a high of $3.06 today. This was the highest price in more than two years. Additionally, IMX reached a weekly close above a long-term resistance area existing since February 2022.
Despite the bullish price action, the Relative Strength Index (RSI) gives a mixed reading. When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether a market is overbought or oversold and whether to accumulate or sell an asset.
If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true. While the indicator is increasing and is above 50, it has also generated a bearish divergence (green). This occurrence often precedes bearish trend reversals.
What Are Analysts Saying?
Cryptocurrency traders and analysts on X positively view the future IMX trend.
CryptoScofield notes the 50% increase since the wedge breakout and suggests the price will continue increasing.
IWantCoinNews flexed that he bought the local bottom at $0.50, noting the more than 300% price increase since.
IMX Price Prediction: New All-Time High Soon?
The technical analysis of the daily time frame supports the ongoing upward movement. This is because of the price action, wave count, and RSI readings.
Technical analysts employ the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend. The most likely count suggests that the IMX price is in its upward movement’s fifth and final wave. The daily RSI supports the increase since it is above 50 and increasing.
Additionally, the price action shows a breakout from a horizontal resistance area at $2.45.
If IMX continues increasing, it will reach the next horizontal resistance at $4, coinciding with wave four’s 2.61 external Fib retracement. This will be an increase of 35% from the current price.
Despite the bullish IMX price prediction, closing below $2.45 will mean the top is in. Then, the price can fall 40% to the closest support at $1.75.
For BeInCrypto‘s latest crypto market analysis, click here.