Altcoin
IMX on the verge of hitting $1.7 – Here’s what you need to know
After finishing as the second top market gainer recently, momentum is building for an IMX rally.
- 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.
