IMX Price Retest Rally Brings A 60% Upside Potential

The post IMX Price Retest Rally Brings A 60% Upside Potential appeared first on Coinpedia Fintech News

As the altcoins are taking crazy jumps overnight, the IMX token displays a similar price action and completes a retest. The post-retest reversal undermines the sideline anticipations of a bearish continuation. 

As the selling pressure over the altcoin subsides, will the Immutable token create a bullish peak? Check out now in our detailed IMX price analysis as we try to find out the future trend continuation. 

Immutable Price Performance

Despite a positive return of 28% in the last 30 days, the IMX price trend remains stuck on a sideways loop. Further, the 16.5% jump on Wednesday, struggling to sustain the bullish momentum over the next two days, reflects a huge overhead supply. 

Tradingview

In the 1D chart, the IMX price moving sideways exceeds the pullback’s resistance trendline. However, the overhead supply drives a retest. The recent jump of 21.65% within 72 hours marks the post-retest jump in the Immutable token.

However, the altcoin is trading at $2.49 and struggling to surpass the psychological level of $2.50. Despite the token surpassing the 23.60% Fibonacci level, the uptrend chances are slim and warn of a bearish reversal to $2. 

Technical indicators:

DMI: The turnaround in the IMX token leads to a bullish crossover in the VI lines, teasing a trend reversal. Further, the ADX line flattens for a potential uptick, hinting at a surge in momentum. 

RSI: The daily RSI line shows a constant rise, surpassing the halfway line and approaching the overbought zone. 

Will The IMX Price Top $4?

As the overhead supply is massive, the IMX price could retest the recently surpassed 23.60% trend-based Fibonacci level. However, if the bull run sustains in the Immutable token, then it might surpass the $3.779 peak to reach $4 in the coming weeks. 

On the flip side, a slide under $2.228 could hit $2.