IMX to bounce back above $0.80 despite bearish PA: Check forecast

Key takeaways

• IMX is down 8.8% in the last 24 hours and briefly dropped below $0.70.
• The coin could surge past the $0.80 resistance level soon if the market recovery persists.

IMX dips below $0.70 despite Immutable launching its mobile gaming division

IMX, the native coin of the Immutable ecosystem, has lost nearly 10% of its value over the weekend. The coin was trading around $0.90 on Friday but has since dropped and now trades around $0.7100 per coin.

The coin briefly dropped below $0.70 on Monday after the flash dump that saw Bitcoin dip below $112k. However, it has slightly recovered and now trades around $0.71 per coin.

IMX’s bearish performance comes despite Immutable launching its mobile gaming division. The Immutable team announced this latest development on Friday, adding that the division will target mainstream users on mobile with new growth products, expertise, and investments.

Furthermore, Web3 games on the Immutable blockchain can now link to external crypto payments without incurring a 30% fee.

IMX targets $0.80 amid bearish price action

The IMX/USDT 4-hour chart is bearish and efficient thanks to the coin underperforming over the weekend. The technical indicators have also switched bearish as sellers dominate the market.

The MACD lines are about to crossover into the negative territory, suggesting a switch to bearish price action. The RSI of 48 means it is below the neutral 50, indicating that sellers are in control.

If the bearish trend continues, IMX could drop to the $0.614 support level in the near term. However, the support level at $0.690 is currently holding strong.

On the flip side, if the market embarks on a strong recovery, IMX could target the first major resistance level at $0.867. An extended bullish run would allow IMX to surpass last week’s high of $0.97.

The post IMX to bounce back above $0.80 despite bearish PA: Check forecast appeared first on CoinJournal.