ImmutableX (IMX) and Optimism (OP) Price Analysis: Is This the Right Time to Invest?

Amid rising price volatility in the cryptocurrency market, top tokens have displayed increased buying and selling pressure over the past few days.

Amidst the cryptocurrency market's rising price volatility, top tokens have experienced varying degrees of buying and selling pressure in recent days. Notably, Ethereum price has managed to reclaim the $2.5K level.

This price action has also been observed among mid-cap altcoins, leading to double-digit gains for several tokens. Given the current market and social sentiments, traders may be wondering if this is an optimal time to invest in altcoins to maximize profits during the upcoming crypto bull run.

In this article, we will analyze the potential price targets, price analysis, and market sentiments for ImmutableX (IMX) and Optimism (OP) crypto tokens.

ImmutableX Price Poised for a Major Breakout?

Following a drop of over 5% last week, IMX price has managed to regain momentum and add 3.48% in the past day. Moreover, with a jump of 19.83% over the past week, it has secured the 33rd position in the global crypto list with a market cap of $2.344 billion.

IMX Price 1D Chart

A closer examination of the IMX price chart in the 1D time frame reveals a bullish outlook. The Simple Moving Average (SMA) 200-day continues to act as a support to the IMX price.

Moreover, the Moving Average Convergence Divergence (MACD) shows a constant green histogram with a flattening line, indicating an increase in the buying pressure within the crypto market.

However, the Relative Strength Index (RSI) continues to trade below the 50-neutral line, highlighting a bearish divergence from the price action.

If the bulls break out of the resistance trendline, the ImmutableX price will prepare to test its upper resistance level of $1.925, setting the stage for a potential 9.25% price increase from the current price level.

Conversely, if the bears regain power and bear pressure increases, this altcoin will plunge toward its crucial support level of $1 in the coming time.

Optimism Price Struggles to Breach Important Resistance Level

Despite recording a jump of approximately 4% in the past day, the OP price has dropped 1.39% over the past week and 14.59% during the past month.

Moreover, it has recorded a Year-to-Date (YTD) return of -59.93%, indicating a long-term bearish sentiment in the crypto space.

OP Price 1D Chart

An analysis of the OP price chart in the 1D time frame reveals a bearish outlook. The RSI continues hovering close to its mid-point, highlighting a neutral price sentiment for the altcoin in the cryptocurrency market.

Conversely, the EMA 50-day acts as a resistance to the OP price, hindering its further upward price movement.

If the market regains momentum and uptrend, the OP price will head toward its upper resistance level of $2.025 during the upcoming weeks, setting the stage for a potential 10% price increase from the current price level.

On the flip side, if the bulls fail to gain power, the Optimism price will retest its low of $1.060.