IMX Price Flow: Oversold RSI vs. Declining Momentum

The immediate setup shows a token finding its footing after a pullback. Immutable X (IMX) is trading at $0.2993, marking a 2.86% gain over the past 24 hours. This follows a stronger 11.18% rally over the past seven days, indicating a recent bullish momentum that has since cooled. The 24-hour trading volume of $1.57 million reflects active but contained market participation.

On the flow front, spot markets show clear buying pressure, with spot flows registering net inflows. This suggests accumulation by retail and institutional investors. However, the futures market presents a different picture, with the long/short ratio balanced at 1.08. This neutrality implies that leveraged traders are not yet strongly biased in either direction, potentially waiting for a breakout signal.

The key technical battleground is defined by two levels. The immediate support holding the recent bounce is at $0.2292. The first major resistance to watch is at $0.2419. For the current bullish momentum to accelerate, IMX needs to convincingly break above this resistance level. A failure here could see the price retest the support zone.

Technical Indicator Divergence

The core momentum indicators present a clear conflict with the recent price action. The 14-day RSI sits at 56.817, which is in neutral territory, not oversold. This reading weakens any narrative of a forced bounce from extreme exhaustion. For a sustainable recovery, the RSI would typically need to be in the classic oversold region below 30 to signal a potential reversal.

The moving average setup shows a bullish tilt, with 9 Buy signals and 3 Sell signals across the MA5 to MA200 range. This suggests the shorter-term trend is favoring buyers. However, this signal is contradicted by the MACD, which shows the histogram expanding in the negative zone. This dynamic confirms that bearish momentum is gaining speed, even as the price has ticked higher.

The bottom line is that the price rise is occurring without a shift in the underlying momentum. The neutral RSI and expanding negative MACD histogram indicate that the recent gains are not backed by strengthening buying pressure. This divergence raises questions about the sustainability of the move, as the primary trend remains under downward pressure.

Catalysts and Key Levels to Watch

The primary catalyst for a sustained bullish move is a decisive break above the immediate resistance at $0.2419. A close above this level would invalidate the current countertrend setup and target the next resistance at $0.2529, with a further move toward $0.2576 as a secondary objective. This breakout is the essential flow signal that would confirm a shift in momentum and attract follow-through buying.

The critical flow signal to monitor is a reversal in spot market activity. The current net inflows show accumulation, but a shift to net outflows would indicate a loss of buying conviction and could quickly derail the rally. This would be a bearish divergence from the price action and a red flag for traders.

The main trend context remains bearish, with price trading below the key EMA20 at $0.21. This makes any rally a potential countertrend play, inherently more vulnerable. The setup is one of a strong bullish signal on the short-term chart against a dominant downtrend on higher timeframes, creating a high-risk environment for momentum traders.