Immutable X Price Prediction: IMX Forms Head and Shoulders

Summary:
• The Immutable X price was among the several breakout cryptocurrencies in November. The IMX coin price jumped to an all-time high

The Immutable X price was among the several breakout cryptocurrencies in November. The IMX coin price jumped to an all-time high of $9.5120. This was about 215% above the lowest level during the month. Its total market capitalization surged to more than $1.4 billion and it moved to the top 100 of the biggest coins.

Recently, however, Immutable X price has struggled. It has fallen by more than 25% from its highest level in November and its total market cap has moved to about $1.3 billion. It has also moved to become the 112th biggest cryptocurrency in the world. Other breakout cryptocurrencies in November were Loopring, IoTeX, Kadena, Sandbox, and Gala.

For starters, Immutable X is a layer-2 network in the non-fungible tokens (NFT) industry. It optimizes NFTs built on Ethereum’s network. As a result, the network users experience no gas fees, instant trades, and carbon-neutral NFTs. NFTs is one of the biggest industries in the blockchain industry. It also operates an NFT marketplace.

Immutable X price forecast

The hourly chart shows that the IMX price jumped to an all-time high in November. However, these gains have been relatively under pressure in the past few weeks. The coin has already moved below the 25-period moving average. 

A closer look shows that the price is trading at $6.8960. This is a notable level since it was the lowest level on November 28th. It is also an important level since it is along the neckline of the head and shoulders pattern. 

In price action analysis, a head and shoulders pattern is usually a bearish sign. This means that there is a likelihood that the coin will have a major bearish breakout. I estimate that it will drop to about $5, which is about 30% below the current level.