Bitcoin Unable to Recover Decisively, Ethereum Consolidates Below $3K (Weekend Watch)

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: May 12 2024

IMX-1.91%

KAS+7.8%

ETH+0.133%

Should l Buy IMX?

Cryptocurrency Market Calmness: The market has stabilized in the past 24 hours, pausing the bearish trend and showing signs of consolidation.
Bitcoin's Price Movement: Bitcoin is trading around $61K, while Ethereum struggles below $3K.
Bitcoin Bulls Regrouping: A sudden correction in Bitcoin's price occurred due to a statement from a US Federal Reserve representative about rate cuts, but the market has calmed down since then.
Altcoins Consolidation: Major altcoins are consolidating after the recent crash, with slight gains observed in the heatmap.
Best and Worst Performers: Immutable (IMX) and Ribbon Finance (RBN) are top performers, while Zebec Protocol (ZBC) and Kaspa (KAS) are among the worst performers.

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Technical Analysis for IMX

Technical Sentiment Analysis for Immutable (IMX) As of , Immutable (IMX) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for IMX stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.

Support, Resistance & Moving Averages From a structural perspective, IMX is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Immutable (IMX) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.0504	0.0897	0.13	0.169	0.209	0.248	0.288
Fibonacci	0.0897	0.12	0.139	0.169	0.199	0.218	0.248

About IMX

Immutable positions itself as the first layer-two scaling solution for NFTs on Ethereum. According to Immutable, its blockchain does away with Ethereum’s limitations like low scalability, a poor user experience, illiquidity, and a slow developer experience. Instead, users benefit from instant trading and massive scalability while enjoying zero gas fees for minting and trading NFTs without compromising user or asset security.Thanks to this technology, users will be able to create and distribute assets like ERC-20 and ERC-721 tokens on a massive scale. Chris Clay, the game Director of Gods Unchained, a project already building on Immutable, stated that Immutable allows Gods Unchained to implement a new meta-system that was previously impossible. In this fashion, Immutable aims to create a world-class experience for users and developers alike.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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