The post Can Immutable Price Align With Market Trends Or Continue To Lag? appeared on BitcoinEthereumNews.com.

Immutable price recovery seemed to be cooling down this week as the crypto failed to capitalize on the previous week’s gains. IMX struggled to surpass the 50-day exponential moving average and headed downward. When writing, IMX was exchanging hands at $1.47 post a swift intraday loss of 0.77%. The earlier sessions of this week saw continued recovery from the previous week. However, the week suffered from selling pressure and widened the losses by 10.3%.  IMX lagged behind the market trend as the Bulls failed to make a strong comeback. Price is down nearly 65% from its March lows and still struggling. The recent rebound in the broader markets due to the Ethereum ETF and Bitcoin 2024 conference could not pull it back out of a correction phase.  Why Immutable Price Lagged Behind the Market Trends? The recent trends highlighted increasing awareness of IMX amid its recent efforts to solve the scalability issues.  Moreover, this integration provides the platform with high transaction liquidity and ensures the security of users’ assets. This makes it highly competitive in the cryptocurrency market.  Immutable’s relationships with key industry players have also enhanced its credibility and attractiveness to investors. However, IMX faces several challenges. The regulatory environment for digital assets remains unpredictable, and any unfavorable actions by regulators can impact the platform. Furthermore, the industry is becoming increasingly competitive, with new entrants vying for market share. Despite these challenges, the potential for high revenues remains strong, attracting continued investment into IMX. Price DAA Divergence Suggests Further Improvement The previous week saw a strong rebound, but the Bulls could not continue this week, and the price suffered.  Notably, the price DAA divergence indicator highlighted a positive divergence. It indicated the possibility of further improvement in the price. As per the data obtained by Santiment, a positive divergence…

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Filed under: News - @ July 30, 2024 10:26 am