Connect with us
Active Currencies 14798
Market Cap $2,185,840,710,912.70
Bitcoin Share 53.91%
24h Market Cap Change $-3.26

IMX on the verge of hitting $1.7 – Here’s what you need to know

2min Read

After finishing as the second top market gainer recently, momentum is building for an IMX rally.

IMX on the verge of hitting $1.7 - Here’s what you need to know

Share this article

  • Current bullish patterns indicated that IMX could reach $1.7 shortly — a significant adjustment from the previously reported $.17.
  • Further bullish signals suggested that an upswing in IMX prices may occur sooner than anticipated.

Immutable [IMX] has surged 8.13% in the past 24 hours, buoyed by a dramatic 270.12% increase in trading volume, bringing its price to $1.36.

Consistently strong performance is evident across all major timeframes, including a 23.63% gain on the monthly chart. This sustained growth indicates that IMX is likely to continue its upward trajectory.

Impact of rising volume and price

An increase in both the price and volume of IMX signals robust interest in the asset. Such a trend suggests that prices are likely to experience further gains.

With trading volume at $103,080,980 at press time per CoinMarketCap, any significant rise from this level, accompanied by an upward price trend, indicated that IMX could potentially exceed its current price point.

This scenario pointed to a strong market momentum for IMX.

IMX rally set for $1.7 — key levels to watch

According to AMBCrypto’s analysis, IMX has been trading within a bullish triangle pattern, defined by a baseline support and an upper diagonal resistance.

As of this writing, IMX has reached this upper resistance but failed to break through, taking a downturn instead. 

Should this downward momentum persist before reversing upward, there are two critical support levels to monitor for IMX.

Initially, IMX will likely find support at $1.326, where sufficient buying pressure exists to potentially catalyze a rebound.

If this support level does not hold, the next target will be the main support of the triangle pattern at $1.147, which could propel the price to the pattern’s peak at $1.7.

Source: TradingView

Increasing bullish confluence for IMX

Using the Chaikin Money Flow (CMF), which uses price and volume data to illustrate money flows in and out of IMX, AMBCrypto has observed that IMX recently rebounded from a historical support level.


Read Immutable’s [IMX] Price Prediction 2024–2025


If the CMF continues upward from this level, IMX is anticipated to mirror this positive momentum and advance toward its targeted projection.

Source: TradingView

Further confirming the trend, the Parabolic SAR indicated that IMX was maintaining its bullish trajectory. This is evidenced by dotted lines appearing below the price, signaling continued upward movement.

Share

After losing his DOGE tokens due to a limited understanding of blockchain technology, Dolapo vowed to understand and explore its vast potential. Now, as a dedicated writer, he helps others learn the complexities of blockchain. At AMBCrypto, Dolapo uses his skills in technical analysis and on-chain tools to highlight emerging opportunities in the space.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.