IMX surges 10%, BONK drops 10% as the market goes red

Immutable (IMX) and Bonk (BONK) take center stage as the global crypto market capitalization declines. 

According to data from CoinMarketCap (CMC), the global cryptocurrency market cap declined by 0.7% in the past 24 hours and is currently standing at $1.8 trillion. The total digital currency daily trading volume, however, increased by 3.7%, surpassing the $45 billion mark, per CMC. 

Despite the downward market movement, IMX gained 10.4% in the past 24 hours and is trading at $3 at the time of writing. The asset’s market cap surpassed the $4 billion mark, making it the 21st-largest cryptocurrency. 

IMX’s 24-hour trading volume witnessed a 3.6% decline and is currently hovering around $224 million. 

According to data provided by Santiment, the IMX social volume declined by 57% in the past 24 hours.

On the other hand, the asset’s Relative Strength Index (RSI) surged from 77 to 81.5 over the past two days. This shows that a price downturn might be on the way as there’s a high chance of whale manipulation. 

For IMX to stay in the bullish zone, the token’s RSI would need to stay below the 60 mark. 

Quite similarly, Bonk’s social volume also declined by 31% over the past day. 

According to Santiment, BONK’s RSI dropped by 63 to 59.5 over the past 24 hours. The indicator suggests lower selling pressure and a lower possibility of whale manipulation. 

Despite the bullish RSI, BONK is down by 10% in the past 24 hours and is trading at $0.000013 at the time of writing. The asset’s market cap still stands above the $770 million mark, holding the 87th rank among the leading cryptocurrencies.