Is It Too Late to Buy ImmutableX? IMX Price Rockets Up 30% as Whales Start Accumulating and Meme Kombat Could Be the Next Crypto to Explode
IMX has exploded +30% over-night in a sensational move driven by a massive influx of volume on South Korean crypto markets, the native token of the ImmutableX NFT platform is now poised to test resistance at the 200DMA - leaving some asking 'is it Too Late to Buy ImmutableX'?
A tsunami of more than $617m in 24-hour trading volume on the Upbit and BW exchanges triggered a jaw-dropping +38.1% move as markets became invigorated by a critical reclamation of the 20DMA.
This was followed by a flurry of trailing capital on popular Western exchanges such as Binance, leaving IMX price high in the trading channel - and possibly vulnerable to a dump if fortunes change on South Korean exchanges over the weekend ahead.
But it appears that crypto whales are unphased by the potential risk, with appetite remaining as major purchases begin to land on Etherscan such as the $512,722 transaction above.
In the midst of the upside swing, IMX is currently trading in minor localised retracement, at a market price of $0.64 (representing a 24-hour change of -5.19%).
The magnificent +34% candle yesterday came following a strengthening of IMX technical structure following 48-hours of consolidation above the 20DMA (stood at $0.54) - which had acted to supress upside price moves for 45-days since August 4.
With the 20DMA now forming stable footing, all eyes turn to the 200DMA (stood at $0.80), which remains trading high above price action - a level untouched for 110 days since June 5.
As technical form fights for position amid localised retracement, it seems price could move lower on the short-time frame.
This is because of a severely over-heated RSI, which is displaying significant bearish divergence with an overbought signal at 64.22.
Yet, while the RSI
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