IMX skyrockets by 10% while BONK plummets by 10% amidst a bearish market
Immutable (IMX) and Bonk (BONK) have emerged as focal points amidst the global decline in the crypto market capitalization.
According to data from CoinMarketCap (CMC), the overall market cap of cryptocurrencies has decreased by 0.7% in the last 24 hours and currently sits at $1.8 trillion. However, the total daily trading volume for digital currencies has increased by 3.7%, surpassing $45 billion, as reported by CMC.
Despite the downward trend in the market, IMX has experienced a 10.4% gain in the past day, with its current trading price at $3. This surge has propelled IMX’s market cap above $4 billion, establishing it as the 21st-largest cryptocurrency.
IMX’s 24-hour trading volume has witnessed a slight decline of 3.6% and currently hovers around $224 million.
According to data provided by Santiment, IMX’s social volume has decreased by 57% in the last 24 hours.
On the other hand, the asset’s Relative Strength Index (RSI) has surged from 77 to 81.5 over the past two days. This indicates a potential price downturn, as there is a high likelihood of whale manipulation.
In order for IMX to maintain its bullish momentum, the token’s RSI would need to remain below the 60 mark.
Similarly, Bonk’s social volume has also experienced a decline of 31% in the past day.
Santiment’s data reveals that BONK’s RSI has dropped from 63 to 59.5 in the last 24 hours. This suggests reduced selling pressure and a lower chance of whale manipulation.
Despite the positive RSI, BONK has witnessed a 10% decrease in the past 24 hours, with its current trading price at $0.000013. Nevertheless, the asset’s market cap remains above the $770 million mark, securing its position as the 87th-ranked cryptocurrency.
Read more: Top cryptocurrencies to keep an eye on this week: BTC, SOL, AVAX
