The ImmutableX (IMX) price increased considerably today, reaching a high of $0.77. At one point, the upward movement was 40% relative to the price at the beginning of the day.
However, the increase could not be sustained, and IMX is at risk of invalidating a breakout from a descending resistance line.
Will IMX Price Break Out From Resistance?
The IMX price has fallen inside a descending wedge since reaching a yearly high of $1.59 on March 18. The descending wedge is considered a bullish pattern, meaning that an eventual breakout from it is the most likely future price scenario.
The decrease ended on September 12, when the cryptocurrency bounced (green icon), validating the $0.50 horizontal area as support. The bounce was especially interesting since the price did not fall to the wedge’s support line. This is considered a sign of strength.
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The price has increased since the breakout and accelerated its increase on September 21. While IMX reached a high of $0.77, it failed to sustain its increase. Rather, it created a long upper wick and is now at risk of falling below the wedge’s resistance line, hence invalidating the breakout.
If this were to occur, IMX would likely return to the $0.50 support area, a drop of 25% measuring from the current price. On the other hand, if the breakout gets confirmed, IMX can increase to the $1 resistance area.
The 0.5
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Author: Valdrin Tahiri
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