Autor: dot-traders

Key takeaways

• IMX is the best performer among the top 100 cryptocurrencies by market cap, up 12% in 24 hours.
• The coin could target the $0.808 resistance level soon.  

IMX rally as on-chain activity increases

IMX, the native coin of the Immutable ecosystem, is the best performer among the top 100 cryptocurrencies by market cap in the last 24 hours. The coin rallied by more than 12% and has now surpassed the $0.70 mark.

The positive performance comes amid growing on-chain activity. IMX’s 24-hour turnover ratio is around 6.2%, indicating growing trading activity within the immutable ecosystem. On-chain data shows that a whale purchased 4.55 million IMX tokens, about $3.2 million worth, on September 13.

This transaction caused a 23% jump in large transactions and has been the primary catalyst behind IMX’s ongoing rally. 

IMX eyes the $0.808 resistance level

The IMX/USD 4-hour chart is bullish but inefficient, thanks to Immutable’s sudden rally over the last 24 hours. The inefficiency could see IMX dip lower to grab liquidity before continuing its rally.

The RSI of 64 shows that buyers are firmly in control, with the MACD lines also deep within the bullish territory. If the rally continues, IMX could hit the next major resistance level at $0.808 over the next few hours or days. An extended bullish run would allow IMX to hit the $1 mark for the first time since January.

However, the inefficiency could see IMX undergo a correction. If that happens, IMX could decline to the $0.660 level over the next few hours. The major support and TLQ level at $0.58 would likely hold unless the broader crypto market records a massive loss. 

The onchain activity supports a continued rally for IMX, with upcoming macroeconomic events likely to play a role in how the coin performs over the next few days.

The post Immutable (IMX) tops $0.70 as coin pumps 12%; Check forecast appeared first on CoinJournal.

Key takeaways

• BTC targets the $120k resistance ahead of FOMC.
• The $116k resistance presents a hurdle to traders despite bullish price action. 

BTC is still trading below the $116k resistance

The crypto market opened the new week bearish but is now on its path to recovery as Bitcoin and other major cryptocurrencies are recording gains. Bitcoin dropped to the $114k level on Monday, with altcoins recording bigger losses.

However, BTC has slightly recovered and is now trading above $115k, with the $116k resistance still in play. The stagnated price action comes ahead of a crucial FOMC meeting tomorrow.

Analysts are expecting a rate cut of at least 25 basis points, with some predicting a 50 basis point cut. Polymarket odds of this cut have jumped to over 90%, while the CME Fed Monitor tool has the probability at 95%. A Fed rate cut will favour cryptocurrencies such as Bitcoin, with the leading cryptocurrency likely to target its all-time high price once again.

BTC eyes $120k ahead of FOMC

The BTC/USD 4-hour chart remains bullish and efficient despite Monday’s dip. The technical indicators have improved over the last few hours, with all eyes now on tomorrow’s expected Fed rate cut.

The RSI of 55 shows that buyers are still in control, with the MACD lines also within the bullish territory. If the $116k resistance level is surpassed, BTC could quickly rally towards the $120k psychological level over the next few hours or days. An extended bullish run would allow it to target the all-time high price above $125k.

However, failure to surpass the $116k resistance level could see BTC face further correction to the downside. This could see the cryptocurrency retest the TLQ and support level at $113,479. This support level will likely hold as the next support level is around $110.

The post Bitcoin price prediction: BTC recovers above $115k as $116k resistance holds appeared first on CoinJournal.