Promising layer-2 scaling solution ImmutableX has once again entered minor localized retracement following the latest rally push, with IMX price trading high, and a new Bitcoin cloud mining cryptocurrency has exploded to $4m raised in presale.
The sudden downtick in price action has left IMX holders reeling, with the retracement drop leaving IMX ranked amongst today’s biggest losers on the market.
Top 5 Daily Losers on ONUS Pro
$STORJ @storj: – 9,13%
$IMX @Immutable: – 8,93%
$SUI @SuiNetwork: – 8,62%
$AGLD @lootproject: – 7,42%
$CORE @Coredao_Org: – 6,5%#STORJ #IMX #SUI #AGLD #CORE #Cryptocurency pic.twitter.com/D0W5Q7nmI1
— ONUS Pro (@ONUSFutures) November 15, 2023
Yet, with IMX stood at the top of an impressive month long rally, market sentiment remains bullish as recognition of ImmutableX continues to grow.
IMX Price Analysis: As ImmutableX Enters Minor Localized Retracement – Will IMX Rally Continue? Or is Immutable Going to Zero?
As IMX price fights to establish support high in the trading channel, ImmutableX is currently trading at a market price of $1.14 (representing a 24-hour change of +2.67%).
This comes amid a minor localized retracement move, which has seen IMX price drop -13% as price attempts to stabilize above support at $1.10.
The retracement was triggered by rejection from upper trendline resistance around $1.25, with IMX price now consolidating in poised position for a retest on the short-time frame.
Recent rally movements were triggered on November 7, after the emergence of a golden cross between the 20DMA (currently sat at $0.87) and the 200DMA (currently sat at $0.69).
With the 20DMA ascendant, the golden cross movement saw IMX blast up +60%, showing the bullish sentiment fuelling IMX momentum.
This is reflected in bullish divergence on the MACD which is stood at 0.0277 as the momentum indicator continues to signal green.
However, some concern emerges from the RSI which is showing severe bearish divergence at 76.41 – suggesting IMX price is overbought at these levels.
Overall, this leaves IMX in healthy poise, with a strong and well-defended retracement high in the channel providing footing for an imminent retest with upper trendline support.
This leaves IMX price with a short-time frame target of $1.30 (a potential +13.28%).
While downside risk for IMX here could see price tumble to $1.01 (a possible -11.99%).
IMX price therefore carries a risk: reward structure of 1.11 – a reasonable entry with decent breakout potential on the second resistance retest, and certainly not going to zero anytime soon.
Meanwhile, as the Bitcoin narrative takes off ahead of the arrival of anticipated BTC spot ETFs and the April 2024 halving event, a new Bitcoin cloud mining presale is exploding on the promise of making Bitcoin mining accessible to all.
IMX Price Retracement Alternative? Don’t Sleep on Bitcoin Minetrix Presale As Almost $4M Raised
Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$3,983,836 raised.
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The true essence of passive income in the crypto world has never been this accessible.
With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
Bitcoin Minetrix Smashes $3.98M Raised as Traders Rally Against Bitcoin Mining Centralization
No longer the mainstay of basement ASICs, Bitcoin mining is now a multi-billion dollar industry, but with the success of Bitcoin mining centers comes the challenge of increased centralization.
Indeed, with just two mining pools (Foundry USA and Antpool) representing 57.5% of the Bitcoin network hashrate, mining centralization is desperately in need of modern solutions to ensure long-term network security.
This is where the magic of Bitcoin Minetrix comes into play, with Bitcoin cloud mining offering the opportunity for everyday investors to claim their slice of the pie – while bolstering Bitcoin’s network security.
All interested parties have to do is buy $BTCMTX tokens in presale and stake them to earn cloud mining credits, with Bitcoin Minetrix’s automated system handling the heavy work.
In effect, this means no more expensive barriers to entry, such as costly hardware requirements or complicated technical understandings – simply buy, stake, and earn to unlock the benefits of Bitcoin mining rewards.
Key Highlights of the BTCMTX Advantage:
Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated system that’s geared for cloud-based Bitcoin mining, setting a new standard for the industry.
Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $3.98m raised towards its $4.4M goal. At a competitive price of just $0.0116 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.
In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
Secure your position in this transformative journey by joining the BTCMTX presale today.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Is Immutable Going to Zero? IMX Price Takes a Dive as Budding Mining Coin Surpasses $4,000,000 Milestone appeared first on Cryptonews.
