IMX Price Analysis: Downtrend Continues Amid Low Volume and Bitcoin Correlation

IMX, a cryptocurrency, is currently trading at the $0.15 level, experiencing a significant downturn in recent days. The token's price has dropped by up to 6% in the last 24 hours, with its daily range remaining narrow due to the overall market downtrend.

The volume of trades involving IMX remains low at $5.50 million, indicating limited buying pressure in the market. This trend is consistent with Bitcoin's 4.95% drop, which has put pressure on altcoins like IMX.

Despite no recent news affecting the Immutable X ecosystem, analysts continue to monitor layer-2 developments as long-term catalysts for growth. However, in the short term, failure to hold above EMA20 ($0.17) gives a bearish signal, limiting upward momentum without an increase in volume.