With Bitcoin reclaiming the $44,000 level, excitement in altcoins has begun to climb, with many, like SOL Coin, experiencing double-digit gains. The number of altcoins that have multiplied from their lows is increasing daily. The popular altcoin reaching a 600-day peak has stirred market anticipation.
Immutable (IMX) Coin’s price has risen parabolically since September, reaching a peak of $2.45, marking the best price of 2023. The rally has been thrilling, but the journey has been challenging for IMX Coin bulls, especially after a recovery from October’s low that broke free from the trend line the following month.
Since then, IMX price has been creating rising candles for 10 weeks, currently struggling to maintain $2.3, with its RSI above the neutral zone. Meanwhile, Bitcoin continues to fluctuate between $43,800 and $44,100.
Despite the risk appetite among investors being buoyed by ETF approval expectations, the upcoming PCE data is critical. A low figure is highly anticipated, aligning with the Fed’s year-end targets. If no major negative surprises occur, IMX Coin investors are likely to maintain their upward momentum.
Weekly and daily charts signal a continuation of the uptrend, with the general market sentiment supporting the IMX Coin rally. A significant breakout on December 11th from a rising parallel channel was confirmed as support on December 18th, validating the rally’s legitimacy.
The only concern is the price currently trading in the $2.35 resistance area, a zone of both horizontal resistance and historical retracement. The short-term performance seems contingent on the reaction at this level. If closures continue above $2.35, new highs could be seen, but a reversal could lead back to the channel. A successful breakout and daily closure above $2.35 could trigger an approximate 50% increase towards $3.5.