ImmutableX (IMX) has seen a considerable spike in profit-taking as seen in the Network Realized Profit/Loss indicator.
Active Addresses, Network Growth and Volume are all declining and producing lower highs while IMX price produces higher high.
Furthermore Exchange Flow Balance saw nearly 4 million IMX move into exchanges for potential redistribution.
MVRV 30-day has declined from 44% to 28% and indicates that 28% of IMX holders that bought the token over the past month are in profit.
The redistribution sigs are apparent and its only a matter of time for IMX to slide lower.
From a TA-perspective, the daily FVG range, extending from $1.02 to $0.92 is where smart money might step in to buy the dips after redistribution.
- Akash G (Twitter: Mangyek0)