IMX is down by more than 6% in the last 24 hours

June 15, 2022 CryptoExpert Market Analysis
Ledger
IMX is down by more than 6% in the last 24 hours
Blockonomics


The cryptocurrency market lost nearly $100 billion in the past 24 hours, with a large number of coins and tokens trading in the red zone.

The cryptocurrency market has been in a bearish trend for the past few months, and things took another negative turn this week. The total cryptocurrency market capitalization has fallen below $900 billion, down more than $2.2 trillion from its all-time high set in November 2021.

At press time, the total market capitalization is less than $900 billion. Bitcoin and other major cryptocurrencies have recorded huge losses over the past few days.

Bitcoin is trading just above the $21,000 support level, while Ether could dip below $1,000 if the bearish trend continues.

Binance

IMX, the native token of the Immutable X ecosystem, is down more than 6% in the past 24 hours. This latest development comes despite Immutable X announcing a major partnership deal with TurnerSportsPR.

TurnerSportsPR is the leading sports news brand with platforms such as Bleacher Report, TNT and TBS.

Under the terms of the agreement, Immutable X will partner with TurnerSportsPR to create blockchain games for top sports events powered by StarkWare.

Key Levels to Watch

The 4-hour chart of IMX/USD is currently very bearish as Immutable X has recorded huge losses over the past few days.

The MACD line is below the neutral zone, indicating bearish momentum. The 14-day RSI of 36 suggests that IMX may soon enter oversold territory.

Immutable X is trading at $0.68 per coin at press time. If the bearish trend continues, IMX could dip below the $0.55 resistance in the next few hours.

Barring a massive sell-off, IMX should hold above the psychological $0.50 level in the near term.



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