IMX Surges; BONK Drops: Market Turns Red


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.

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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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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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