Brief AnalysisโโIMXIMX saw a significant rise last week, but the it turned negative in the following days.
IMX is a token developed by the project Immutable X. Immutable X is a Layer-2 solution built on the Ethereum blockchain, aimed at addressing issues such as high transaction fees and transaction speed delays, especially in the NFT (Non-Fungible Token) space. During the rise in September, the project did not release any good news. The rapid rise in price was mainly driven by the exchange Upbit in South Korean.
We can see the same situation on IMX as previously for many other tokens via the WTA indicator. But this time the whale's action was clearer.
First, in the green rectangle, we can see that whales began to flow into IMX while the price remained volatile. Although the blue column representing the whale is not obvious after being compressed, whales have participated in the transaction for four consecutive days. This is a bottom-buying behavior before pulling up. After that, the long green candle appeared and the price increased by almost 35%. On most other tokens, when whales outflow, participation will decline or even disappear, and price will continue to fluctuate to help whales reap profits. But for IMX, we can clearly see that when the long red candle appears, the blue column does not have disappeared, and whales participate in the transaction, which shows that whales are urgent to close long positions. After such a situation occurs, most gains will be given back in the future.
We can see that IMX has rebounded in recent hours, but on the WTA indicator, only retail investors are participating in transactions. Judging from the performance of whales closing long positions last week, the decline may not be over after losing the support of whales.
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