The price of ImmutableX (IMX) has risen rapidly over the past 20 days, culminating in a high above $3 today.
IMX faces only one more resistance before reaching its all-time high price. Can he break it?
IMX rises above $3
IMX price has risen rapidly since October 2023. The upward movement culminated with a 2023 high of $2.60 in December.
After a correction that lasted several months, IMX price finally broke out of the resistance area last week, culminating in a high of $3.06 today. This was the highest price in more than two years. Furthermore, IMX reached a weekly close above a long-term resistance area that has existed since February 2022.
IMX/USDT weekly chart. Source: TradingView
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 up, the bulls still have an advantage, but if the reading is below 50, the opposite is true. Although the indicator is rising and above 50, it has also generated a bearish divergence (green). This event often precedes bearish trend reversals.
What do the analysts say?
Cryptocurrency traders and analysts on X view the future IMX trend positively.
CryptoScofield notes the 50% increase from the wedge breakout and suggests that the price will continue to rise.
IMX/USDT daily chart. Source: X
IWantCoinNews said it purchased the local fund at $0.50, noting the price has risen more than 300% since then.
IMX Price Prediction: New All-Time High Soon?
Daily time horizon technical analysis supports the ongoing upward move. This is due to price action, wave counts and RSI readings.
Technical analysts use 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 IMX price is in the fifth and final wave of its upward movement. The daily RSI supports the increase as it is above 50 and rising.
Furthermore, the price action shows a breakout from a horizontal resistance area at $2.45.
If IMX continues to rise, it will reach the next horizontal resistance at $4, coinciding with the 2.61 outer Fib retracement of wave four. This will be a 35% increase over the current price.
IMX/USDT daily chart. Source: TradingView
Despite the bullish IMX price prediction, closing below $2.45 will mean the top has arrived. Then, the price can drop 40% to the nearest support at $1.75.
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