Will ImmutableX (IMX) price erase its dismal performance or risk a 45% nosedive?
|- ImmutableX has seen its price action decline since the start of the Gaming Developers Conference.
- IMX dropped 26% since the Gaming Expo started and did not seem to bank on it.
- With the second to last day at hand, the window of opportunity for an uptick is closing.
ImmutableX (IMX) price is giving its backers a hard time. With several bulls and believers in IMX frontrunning the upcoming Gaming Developers Conference taking place this week, price action had been trading firmly higher already before the event even started. Investors that started to buy at the beginning of this week are facing more than a 26% loss and could see that tripling if IMX does not see a turnaround in its lacklustre buying volume.
ImmutableX price sees risk increasing by the hour for a 45% seismic shift
ImmutableX price has thus far only seen its trading action moving higher in the wake of the Gaming Developers Conference in San Francisco. Days before the event kicked off, price action was trading near 100% higher as bulls were frontrunning the expo in the belief that altcoins would see massive broad investments as more big gaming names incorporate altcoins as means of payment in their games. Unfortunately, thus far it turns out to be a classic buy-the-rumor-sell-the-fact event.
IMX is at risk of breaching its support at $1.15 if no systemic inflow appears by Friday. Bulls that got in before the gaming expo will start to close out and take their profit, which will trigger a thorough sell-off. Around $1.00 the 55-day Simple Moving Average (SMA) could still try to hold support, although once broken a nosedive move could see $0.70 as the target to the downside, erasing all gains for March.
IMX/USD 4H-chart
With still two full days of the convention to go, some nice tailwinds could still kick in. It is often near the end of the expo that deals are concluded and announcements are made in terms of collaborations, takeovers or adherences. Should IMX be mentioned in one of those deals, expect to see that to work as a catalyst for price action with the altcoin moving toward $1.70 at the monthly R2 resistance level for a 38% gain.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.