IMX to bounce back above $0.80 despite bearish PA: Check forecast

Key takeaways

  • IMX is down 8.8% in the last 24 hours and briefly dropped below $0.70.
  • The coin could surge past the $0.80 resistance level soon if the market recovery persists.

IMX dips below $0.70 despite Immutable launching its mobile gaming division

IMX, the native coin of the Immutable ecosystem, has lost nearly 10% of its value over the weekend. The coin was trading around $0.90 on Friday but has since dropped and now trades around $0.7100 per coin.

The coin briefly dropped below $0.70 on Monday after the flash dump that saw Bitcoin dip below $112k. However, it has slightly recovered and now trades around $0.71 per coin.

IMX’s bearish performance comes despite Immutable launching its mobile gaming division. The Immutable team announced this latest development on Friday, adding that the division will target mainstream users on mobile with new growth products, expertise, and investments.

Furthermore, Web3 games on the Immutable blockchain can now link to external crypto payments without incurring a 30% fee.

IMX targets $0.80 amid bearish price action

The IMX/USDT 4-hour chart is bearish and efficient thanks to the coin underperforming over the weekend. The technical indicators have also switched bearish as sellers dominate the market.

The MACD lines are about to crossover into the negative territory, suggesting a switch to bearish price action. The RSI of 48 means it is below the neutral 50, indicating that sellers are in control.

IMX/USD 4H Chart

If the bearish trend continues, IMX could drop to the $0.614 support level in the near term. However, the support level at $0.690 is currently holding strong.

On the flip side, if the market embarks on a strong recovery, IMX could target the first major resistance level at $0.867. An extended bullish run would allow IMX to surpass last week’s high of $0.97.

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XRP falls 6% to $2.81 as bearish channel signals more downside

  • Descending channel signals sustained bearish momentum with sellers in control.

  • $2.58 EMA emerges as the next critical support to watch.
  • Low trading volumes highlight weak buyer conviction and fragile sentiment.

XRP has fallen to $2.81, marking a 6.01% decline in the latest session. The cryptocurrency continues to struggle under persistent selling pressure, with its price action locked in a descending channel.

The break below the key $3 threshold has weakened sentiment further and raised the risk of deeper retracement in the coming sessions.

The fall reflects not just a psychological setback, but also the continuation of a broader downward pattern that has been in play for weeks. Lower highs have repeatedly forced XRP into tighter ranges, leaving traders cautious about entering long positions.

With subdued trading volumes and no significant signs of a bullish reversal, the latest slide underscores the fragility of its current position in the market. Unless momentum shifts soon, XRP could remain on the defensive with downside targets still in play.

XRP price
Source: CoinMarketCap

Descending channel signals extended weakness

XRP has been trading within a downward-sloping channel for weeks, with lower highs steadily compressing price movement.

Every attempt at recovery has been rejected at resistance levels, reinforcing the bearish structure.

The channel has also narrowed to the point where smaller price swings reflect reduced trader confidence, suggesting that a strong move in either direction may be imminent.

The recent slide to $2.81 adds weight to the pattern, suggesting that sellers remain in control. The 200-day EMA, trending downward at around $2.58, is now the next key support.

If downward momentum builds, XRP could test the $2.80 zone again or slip closer to $2.50 in the short term.

A failure to defend these levels could leave the market exposed to even deeper losses, especially if broader crypto sentiment weakens at the same time.

Indicators point to more downside

Technical indicators underline the pressure on XRP. The RSI remains neutral at 39.55, showing that XRP has scope for further declines before oversold conditions emerge.

This means sellers still have room to drive the price lower without triggering a rebound.

The moving averages also offer little relief, with the short-term trend lines pointing down and the longer-term averages continuing to tilt lower.

For the trend to reverse, XRP would need to break decisively above $3.10–$3.20, which marks the upper boundary of the channel. Without such a move, the path of least resistance remains downward.

Traders are also monitoring momentum indicators for signs of divergence, which could signal whether current weakness is losing strength, but for now no such signals have appeared.

Low volumes highlight weak conviction

Trading volume has also been subdued, amplifying the weakness. Recent rallies have lacked conviction, with buyers hesitant to re-enter the market at current levels.

This absence of strong participation suggests that confidence in XRP’s ability to sustain higher prices remains low.

Short-lived bursts of activity have not been enough to counter consistent selling, and the lack of depth in the order books makes the price vulnerable to sharper moves when pressure builds.

Until buyers return with enough strength to sustain momentum, XRP is likely to remain under pressure inside its bearish channel.

Analysts are closely watching liquidity across exchanges, as thin volumes may make support levels less reliable in the days ahead.

XRP struggles below key level

The decline to $2.81 highlights how weak technicals and low volume are shaping XRP’s short-term performance.

Unless the token can reclaim and hold above the $3 mark with stronger demand, it faces the risk of moving closer to $2.50.

Traders will be watching support at $2.58 closely, as further losses could erase much of its earlier recovery gains.

A sustained move back above $3.20 would be required to signal a change in trend, but with current momentum still favouring sellers, XRP remains in a fragile position.

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Ether price forecast: ETH could dip below $4k as indicators lean bearish

Key takeaways

  • The crypto market recorded losses over the weekend, with ETH briefly dropping below $4,100. 
  • The leading altcoin could dip below $4k if the bearish trend continues.

Ether dips below $4,100 as the market experiences a massive dip

The crypto market began the new week with a dip, with Bitcoin and other major cryptocurrencies recording losses. Bitcoin, the leading cryptocurrency by market cap, briefly dropped below $112k, resulting in over $1 billion worth of long liquidations within the last 24 hours.

This also saw altcoins record huge losses. Ether, the leading altcoin by market cap, is down 6% in the last 24 hours. ETH briefly dropped below $4,100 but has since then bounced back and is now trading above $4,200 per coin.

Despite the slight recovery, the market conditions remain bearish, and Ether could record further losses in the near term.

The upcoming Powell speech on Tuesday could give traders an indication of the Fed’s policy moving forward following the rate cut last week.

Ether indicators suggest further selling pressure

The ETH/USD 4-hour chart is bearish and efficient, thanks to Ether losing 6% of its value in the last 24 hours. Ether closed above its daily support level at $4,488 on Friday but has been declining since then. 

ETH/USD 4H Chart

It sharply dipped to $4.067 on Monday but has slightly bounced back and now trades at $4,203 per coin. The RSI of 40 is below the neutral level, indicating strong bearish momentum. The MACD also showed a bearish crossover during the weekend, suggesting a bearish momentum ahead. 

If the decline continues and Ether closes below its daily support at $4,232, it could dip toward its next support at $3,593.

However, if Ether holds its price above the $4k level, it could extend its recovery towards the daily resistance at $4,488. An extended bullish condition would allow ETH to hit the $4,633 TLQ level over the next few days.

The market conditions remain volatile, with traders eagerly anticipating Powell’s speech on Tuesday.

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Bitcoin price forecast: BTC eyes $120k despite slight resistance

Key takeaways

  • BTC is down by less than 1% in the last 24 hours and trading around $117k.
  • The coin could target the $120k psychological level next, following a recent bullish momentum

Fed rate cut pushes BTC above $117k as bullish trend resumes

The cryptocurrency market performed excellently this week, with Bitcoin bouncing back from its Monday low of $114k to trade above $117k. The positive performance was due to macroeconomic factors, especially the Fed rate cut on Wednesday.

The rate cut allowed Bitcoin to hit the $117k level, with bulls now targeting another high around $120k in the near term. Analysts believe that the rate cut will push liquidity into the crypto market.

In an email with Coinjournal, Sergei Gorev, Head of Risk at YouHodler, stated that the Fed’s rate cut is quite an important factor for the market. 

“This is a positive development for the financial and crypto markets. Cheaper money pushes the quotes higher and higher. As long as liquidity prevails in the markets, the cryptocurrency market will feel quite confident. We will soon see new historical quotes for BTC, which will also support other coins. In addition, the approval of all new altcoin ETFs will also boost inflows into some cryptocurrencies soon.”

Bitcoin bulls target $120,000

The BTC/USD 4-hour chart is bullish and efficient after Bitcoin’s price surged past its 50-day Exponential Moving Average (EMA) on September 10. It found support around the $116k level earlier this week before rallying past the $117k on Wednesday. 

BTC has been consolidating around $117k over the past 24 hours, but could be set to rally higher in the near term. The RSI of 57 shows that the bulls are still in control, with the Moving Average Convergence (MACD) indicator on the same chart displaying a bullish crossover since September 6th. 

BTC/USD 4H Chart

If the bullish trend continues, BTC could extend its current rally towards the psychological level of $120,000. An extended bullish run would allow it to hit the $125k mark and set a new all-time high in the process. 

However, if the market corrects and closes below the $116k support level, BTC could face selling pressure and extend its decline towards the next major support and TLQ zone at $113,924.

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Ethereum price prediction: ETH could hit $4,800 amid bullish on-chain data

Key takeaways

  • Ether reclaimed the $4,600 level a few hours ago after the Fed cut its benchmark interest rate.
  • The leading altcoin could hit the $4,800 resistance level soon amid strong on-chain data.

Ether hits $4,600 as market conditions turn bullish

Ether, the second-largest crypto by market cap and the leading altcoin, is up by more than 1% in the last 24 hours. The positive performance allowed Ether to hit the $4,600 mark a few hours ago, but it has now slightly retraced to trade at $4,580.

The rally comes as the Federal Reserve (Fed) reduced its interest rate by a quarter percentage point on Wednesday. Fed Chair Jerome Powell stated that there was no basis for a larger cut as he defended the Fed’s decision to wait till now to lower interest rates.

Furthermore, Ethereum (ETH) on-chain data shows bullish, suggesting that the coin could rally higher in the near term. The  Ethereum network is experiencing rising whale demand, low selling pressure, network activity recovery, and an increasing stablecoin supply. These strong 

ETH eyes $4,800 as momentum indicators turn bullish

The ETH/USD 4-hour chart is bullish and efficient thanks to Ether’s rally in recent days. The momentum indicators have switched bullish as the market has turned green, with further gains expected in the near term.

The RSI of 54 shows that buyers have regained control of the market. The MACD lines have also crossed over into the bullish zone. If the bullish trend continues, Ether could top the $4,778 resistance level in the near term. However, it would need the support of the broader market to topple its current all-time high price of $4,956. 

ETH/USD 4H Chart

If the market decides to undergo a correction after this rally, ETH could retest the recent support level of $4,427. Failure to defend this support could see ETH drop further down towards $4,202.

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