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Home»ALTCOIN NEWS»Why are IMX holders not selling?
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Why are IMX holders not selling?

By Crypto FlexsAugust 14, 20244 Mins Read
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Why are IMX holders not selling?
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Immutable (IMX), an Ethereum layer-2 solution, made headlines today after an impressive price surge, making it one of the best-performing altcoins.

Currently trading at $1.24, IMX is up 10.06% in the last 24 hours. This on-chain analysis looks at how the token achieved this surge and what to expect in the coming days.

Holders, locking up immutability, ready to stake more tokens

According to Exchange Onchain Market Depth, a metric that measures trading activity on the order books of the top 20 exchanges, IMX is experiencing a surge in buying pressure.

According to data provided by IntoTheBlock, market participants are ready to purchase around 7 million IMX tokens at the current price, while there are just over 5 million tokens available for sale.

Generally, when the bid price exceeds the ask price, it indicates that buying pressure is outpacing selling volume. Conversely, when the ask price significantly exceeds the bid price, it indicates that the sellers are in control.

Read more: What is invariant X?

Immutable Exchange On-Chain Market Depth. Source: IntoTheBlock

So the difference between buying and selling pressure is in favor of the buyers, and if it continues, it could push the price of IMX higher. But there are other things to consider.

A closer look at coin holding time reveals that the number of IMX holders who refrain from selling has increased by 32% over the past 30 days.

Simply put, a decrease in holding time suggests that holders are trading or selling their cryptocurrencies. In the case of IMX, the recent increase in holding time indicates growing confidence among holders, and this was not limited to last week.

The immutable coin holds time.
Immutable Coins Hold Time. Source: IntoTheBlock

The data also shows that this trend has continued over the past 30-90 days, with triple-digit increases over this period. Avoiding liquidation of holdings is generally a positive sign for cryptocurrencies.

So if this continues and buying pressure builds, the price of IMX could add to its recent gains. If validated, this development would reduce the losses for IMX holders, which currently stand at 62%.

IMX Price Prediction: It’s Not Time to Take Profits Yet

According to the daily chart, IMX is approaching previous support levels between $1.26 and $1.30. The last time the token jumped into this area was on July 21, when the price rose to $1.70.

Currently the Awesome Oscillator (AO) is negative but showing green histogram bars. AO, a technical analysis tool, measures momentum by comparing short-term and long-term price movements.

When the AO crosses the zero line, it indicates bullish momentum, while readings below the AO indicate bearish momentum. This indicator is also useful for identifying potential entry and exit points.

Read more: Layer 2 Crypto Projects for 2024: The Best Picks

Daily analysis that cannot be changed.
Daily analysis of the constant. Source: TradingView

For IMX, if a continuous green bar appears even in the negative area, it suggests that there may be a momentum shift from a bear market to a bull market, which could potentially act as a buy signal. However, this signal can change to a bear market depending on the demand and supply in the market.

For IMX, demand is increasing and if it continues or strengthens, the price may return to the resistance level of $1.51. If demand decreases, this prediction may be invalidated. In that case, the price of IMX may fall to $1.07.

disclaimer

In accordance with the Trust Project guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto strives to provide accurate and unbiased reporting, but market conditions are subject to change without prior notice. Always conduct your own research and consult with a professional before making any financial decisions. Please be advised that our Terms of Use, Privacy Policy and Disclaimer have been updated.

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