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24h Market Cap Change $-4.42

Immutable up 23.5% in 7 days despite market-wide volatility

2min Read

Despite the higher timeframe bullish bias, speculators in the lower timeframes were not so keen, as evidenced by a negative funding rate.

IMX up 23.5% in a week and 11.4% in two days as bulls gather strength to break the local resistance

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  • Immutable has a bullish structure.
  • The token was quick to recover from the recent market-wide price drop.

Immutable [IMX] was trading at a key resistance zone that was both a Fibonacci retracement level and a bearish order block. The Bitcoin [BTC] price plunge from $64.2k to $58.2k saw IMX prices drop by 13%.

It was not enough to undo the strong gains the buyers have put up in the past couple of weeks. The evidence at hand showed bullishness, but the futures market was not wholly on the same page.

The bias is bullish on the daily IMX chart

IMX 1-day TradingView

Source: IMX/USDT on TradingView

On the 13th of August, the Immutable token made a higher high and did not break down below its recent higher low, thus flipping the market structure bullishly in the 1-day timeframe. This saw the price reach the 78.6% Fibonacci retracement level at $1.53.

On Monday, the 26th of August,  it saw a rejection from the resistance level, but the bulls were knocking on its doors once again. The technical indicators showed a breakout was likely.

The CMF was at +0.2 to indicate strong capital flows into the market. The RSI also remained above neutral 50 to indicate the bullish momentum might be sustained.

A daily session close above $1.537 would encourage further gains.

Negative funding showed speculators were unconvinced

Immutable Coinalyze

Source: Coinalyze

Despite the higher timeframe bullish bias, speculators in the lower timeframes were not so keen. While the Open Interest soared during the retest of the $1.5 resistance zone, the funding rate remained negative.


Realistic or not, here’s IMX’s market cap in BTC’s terms


This showed mixed signals of bulls eager to bid but also being in a slight minority.

The spot CVD saw a downturn over the past few hours but maintained its uptrend. Overall, a sustained move beyond $1.53 remains likely.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

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Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
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