Altcoins
Altcoin on the move! ImmutableX (IMX) and LimeWire (LMWR) suggest 20% uptrend?
The cryptocurrency market continues to record negative price action over the past few days with elite cryptocurrencies such as Bitcoin And Ethereum tokens registering a significant correction in their respective portfolios.
However, on the other hand, altcoins have seen increasing bullish sentiment, with mid- and small-cap tokens seeing the highest gains. Tokens such as LimeWire (LMWR) and ImmutableX (IMX) saw a massive upward trend in their valuations this week.
With increased price volatility in the crypto space, will these altcoins continue to dominate major crypto tokens this month?
IMX Crypto Records Increased Price Volatility:
The ImmutableX token gained around 1% in the last 24 hours and recorded a +3.86% change in its trading volume. Furthermore, the IMX Price added over 9.50% to its portfolio in the last 3 days. However, its weekly returns stand at -11.19%, indicating mixed price action.
TradingView: IMX/USDT
With a stock price of $1.59 and a market capitalization of $2.4 billion, the ImmutableX coin prices has managed to secure the 39th position on the global crypto market list.
The technical indicator, RSI, is showing a bullish crossover on the 1D timeframe. However, the 50/200-day Cross EMA registered a Death Cross, highlighting mixed sentiment regarding the price of IMX coin in the cryptocurrency market.
If the market pushes ImmutableX price above the $1.677 resistance level, the bulls will continue higher and prepare to test its high of $2.12. Conversely, a trend reversal could pull crypto IMX towards its crucial support level of $1.235 in the coming times.
LimeWire (LMWR) price hints at a bullish reversal?
LMWR price recorded a 34.85% surge over the past day with a 107% surge in its trading volume. Fortunately, with the altcoin’s recent rise, it has evened out all the losses it had suffered this year. This indicates a growing bullish sentiment for the LimeWire token in the market.
TradingView: LMWR/USDT
The SMA indicator shows a positive crossover in its price chart, highlighting a strong bullish reversal of the LMWR token in the crypto space.
On the other hand, the Moving Average Convergence Divergence (MACD) records a steady uptrend in its green histogram, with its averages showing an upward trend. This highlights a strong possibility of bullish price action in the coming times.
If the bulls continue to gain momentum, LMWR price will cross the $0.450 mark and head towards its upper resistance level of $0.690. However, in the event of a bearish price trend, LimeWire price could lose momentum and plunge towards its crucial support level of $0.2210.