As Bitcoin prices continue to fall, closures below $42,000 are raising concerns for a deeper decline. There is a generally negative sentiment across altcoins, and if the drop in BTC price intensifies, further significant losses seem likely. In the scenario feared by many, the total value of cryptocurrencies could test the support level of 1.25 trillion dollars. Despite this, IMX Coin is advancing towards the peak.
Despite the fluctuations in Bitcoin, IMX Coin continues its rise, surpassing the $2 threshold once again. The cryptocurrency, which has been rapidly recovering since October, has shown a 300% increase in 56 days. The price has surpassed $2.07, reaching this level for the first time in 600 days.
The rise in IMX’s price has been maintained by holding the support trend line since its bottom, and the RSI supports the continuation of this rally. At the time of writing, the price is around the $2 threshold.
The reason for the increase seems to be mostly related to a technical breakout. Following the same long-term breakout, AVAX Coin’s price also achieved new peaks against the market. Today, despite the fall of BTC, several altcoins continue to attract demand.
Popular cryptocurrency analyst CryptoTony believes that IMX is one of the strongest altcoins during today’s drop and is confident that the rally will continue. If the rise in IMX Coin’s price persists, we may see a higher peak of $2.25.