IMX surged 9%, reaching a 17-day high amid market gains.
IMX trading volume spiked 252%, signalling increased trader activity.
The global cryptocurrency market cap increased by 1.48% over the past 24 hours, with trading volumes up 27% after several days of bearish sentiment. Bitcoin has risen 2%, hitting a 21-day high of $61,316. As is typically seen, altcoins followed suit, with notable gains across the board.
Among the altcoins, Immutable X (IMX) captured significant attention, surging more than 9% in the last 24 hours and reaching a 17-day high of $1.487. IMX’s trading volume spiked 252%, signaling increased activity among traders. Over the past month, the coin is up 23%, currently ranked 37th on CoinMarketCap.
Moreover, community sentiment around IMX is largely positive, with 85% of participants feeling bullish. However, price action analysis suggests that buyers have faced challenges. Although bulls attempted a recovery after stabilizing at lower levels, the price was rejected at the 50-day Exponential Moving Average (EMA), wiping out recent gains.
Currently, IMX is trading below the 20, 50, and 200-day EMAs, presenting risks of a further crash. The $1.10 support level has held firm, but a break below this could push IMX towards a new annual low.
Can IMX Surge Past $2?
In the short term, sellers appear to control the market, with bulls struggling to regain momentum. IMX’s daily chart shows a bullish trend supported by the 9-day EMA at $1.353. It is while the Relative Strength Index (RSI) stands at 54, indicating a neutral stance.
IMX Price Chart, Source: Sanbase
If the bullish momentum continues, resistance levels at $1.49 and $1.62 may be tested. On the flip side, sustained bearish pressure could result in a decline towards $1.21, with a key support level at $1.10.
As IMX tests critical resistance levels, traders are watching closely for signs of sustained strength or potential reversals in the days ahead.
Highlighted News Of The Day
Bitget Exchange Surpasses 45 Million Users Globally
