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Altcoins on the move! Do ImmutableX (IMX) and LimeWire (LMWR) Suggest a 20% Uptrend?
The cryptocurrency market continues to see negative price action over the past few days with elite cryptocurrencies such as Bitcoin AND Ethereum tokens that experience significant corrections in their respective portfolios.
However, on the other hand, altcoins have seen growing bullish sentiment, with mid- and small-cap tokens recording the highest gains. Tokens like LimeWire (LMWR) and ImmutableX (IMX) have seen a massive uptrend in their valuations this week.
With increased price volatility in the cryptocurrency space, will these altcoins continue to overwhelm major crypto tokens this month?
IMX Crypto Sees Increase in 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 has 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 trading price of $1.59 and a market capitalization of $2.4 billion, the ImmutableX coin price has successfully secured the 39th position in the global cryptocurrency market list.
The technical indicator, RSI, shows a bullish crossover in the 1D time frame. However, the 50/200 day EMA has registered a Death Cross, highlighting mixed sentiment for 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 to rise and prepare to test its upper high of $2.12. Conversely, a trend reversal could push the IMX cryptocurrency towards its crucial support level of $1,235 in the coming times.
Does LimeWire (LMWR) price suggest a bullish reversal?
LMWR price has seen an increase of 34.85% in the last day with a 107% increase in trading volume. On the positive side, with the altcoin’s recent surge, it has leveled out all the losses incurred 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 on its price chart, highlighting a strong bullish reversal for 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 increasing pattern. This highlights a high possibility of bullish price action in the coming period.
If the bulls continue to gain momentum, the LMWR price will break above the $0.450 mark and head towards the $0.690 upper resistance level. However, in case of a bearish price action, LimeWire price could lose momentum and plummet towards the crucial $0.2210 support level.