- Unchangeable has a bullish structure.
- The token quickly recovered from the recent market-wide price drop.
Unchangeable [IMX] traded in a key resistance zone that was both a Fibonacci retracement level and a bearish order block. The Bitcoin [BTC] The price drop from $64.2k to $58.2k saw IMX prices drop by 13%.
It wasn’t enough to reverse the strong gains buyers have made in recent weeks. The available evidence showed bullishness, but the futures market was not quite on the same page.
The bias is bullish on the daily IMX chart
Source: IMX/USDT on TradingView
On August 13, the Unchangeable token made a higher high and failed to collapse below the recent higher low, causing the market structure to flip bullish in the span of one day. This caused the price to reach the 78.6% Fibonacci retracement level at $1.53.
On Monday, August 26, it saw a rejection from the resistance level, but the bulls were knocking on the doors again. The technical indicators suggested that a breakout was likely.
The CMF stood at +0.2, indicating strong capital flows into the market. The RSI also remained above the neutral 50, indicating that bullish momentum may continue.
A daily session above $1,537 would encourage further gains.
Negative financing showed that speculators were not convinced
Source: Coinalyse
Despite the bullish bias on higher terms, speculators were not as enthusiastic on the lower terms. While Open Interest soared during the retest of the $1.5 resistance zone, funding rates remained negative.
Realistic or not, here is the market cap of IMX in terms of BTC
This showed mixed signals from bulls eager to bid but also in a small minority.
The spot CVD declined in recent hours but maintained its upward trend. Overall, a sustained move above $1.53 remains likely.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer