Immutable Outperforms The Market As IMX is Up 12% In 7 Days

cryptonews.com:

The Immutable price has dropped by 2% in the past 24 hours, falling to $1.45 as the crypto market suffers a comparable 1.5% loss today.

However, IMX has held on to a 12% increase in the last seven days, while it has also outperformed the market in the past fortnight, with a 27% jump.

These gains bode well for the layer-two coin, which is also up by 155% in the past year, on the back of ImmutableX’s growth as a platform for Web3 gaming.

And with the market likely to enter more bullish territory in the next couple of months, we could see the Immutable price recover strongly very soon.

Immutable remains in a strong position as far as its chart and indicators are concerned, suggesting that more gains may be coming in the near term, before a possible correction.

For instance, its 30-period moving average (orange) has remained above its 200-period average (blue) for over a week now, and despite a dip a couple of days ago it has resumed rising.

This suggests ongoing momentum, and while IMX’s relative strength index (purple) has also waned a little in the past few days it has returned to 50 today.

This puts it in a good position to return to growth soon, and with the coin’s resistance (red) and support (green) levels converging on each other, we may see a breakout of sorts in the next few days.

And for some analysts, its medium-term decline since the end of July prepares it for a big rebound in the next month or so (not to mention its decline since mid-March).

$IMX

Plan. pic.twitter.com/OWvJkxuOC2

This seems like a reasonable analysis, with the all-but certain likelihood of rate cuts next month likely to increase market positivity.

This will boost prices of most cryptos, with coins that have stronger fundamentals likely to benefit more