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).
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.
IMX Price Prediction: Can Price Reach $3?
The technical analysis from the daily time frame shows that the IMX price has increased alongside a parabolic ascending support trend line since the aforementioned low.
The daily RSI also supports the increase. The indicator broke out from its bearish divergence trend line (green) and is increasing.
Cryptocurrency trader and analyst CryptoTony believes that IMX has been one of the strongest altcoins during today’s decrease. Hence, it will resume its previous increase.
If the IMX increase continues, the first target will be $2.25, created by the 1.61 external Fib retracement of the previous increase. This would be an increase of 15% from the current price. If the altcoin breaks out, the next resistance will be at $3.35, an increase of 70% from the current price.
Despite this bullish IMX price prediction, a breakdown from the parabolic support trend line will invalidate the upward movement. In that case, a 35% decrease to the $1.35 support area will likely be the future outlook.
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