Immutable (IMX) and Bonk (BONK) are in the spotlight as the overall crypto market value drops.
In the last day, the total value of all cryptocurrencies worldwide dropped by 0.7% to $1.8 trillion, as reported by CoinMarketCap (CMC). Meanwhile, the combined daily trading volume for digital currencies rose by 3.7%, reaching over $45 billion, according to CMC.
Market Movement Analysis: IMX and BONK
IMX Performance Amidst Market Decline: Despite a downward trend in the overall market, IMX showed resilience by gaining 10.4% over the past 24 hours, reaching $3 in value. Its market cap surpassed $4 billion, elevating its position to the 21st-largest cryptocurrency. However, its 24-hour trading volume experienced a slight decline of 3.6%, hovering around $224 million. Social volume, as per Santiment data, decreased by 57% within the same period.
IMX price, social volume and RSI – Feb. 12 | Source: Santiment
RSI and Potential Downturn for IMX: IMX’s Relative Strength Index (RSI) surged from 77 to 81.5 in the past two days, indicating a possible impending price downturn attributed to potential whale manipulation. To maintain a bullish stance, IMX’s RSI needs to remain below the 60 mark.
BONK’s Performance and Social Volume: Similarly, Bonk (BONK) witnessed a decline in social volume by 31% in the past day. BONK’s RSI dropped from 63 to 59.5 over the last 24 hours, suggesting reduced selling pressure and a lower likelihood of whale manipulation.
BONK price, social volume and RSI – Feb. 12 | Source: Santiment
BONK’s Price Movement: Despite a bullish RSI, BONK experienced a 10% decline in the last 24 hours, trading at $0.000013. Nonetheless, its market cap remains above $770 million, maintaining its position as the 87th-ranked cryptocurrency.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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