Immutable (IMX) has gained 12.14% in the past 24 hours to $1.81 and has attracted significant attention from traders. As it approaches the key $2 resistance level, many are wondering: could this move push IMX to a strong breakout, or is it a pullback?
Immutable: Is $2 the next target?
IMX has shown significant strength, with the Bollinger bands widening, reflecting increased volatility. The current price is at $1.81, just below the important $2 resistance level.
Meanwhile, the Relative Strength Index (RSI) has risen to 75.91, putting IMX in overbought territory.
So, despite the strong upside move, there is still a chance of a short-term pullback if traders start taking profits.
However, the $1.72 support level held, giving IMX a strong platform to continue rising.
If the token can break the $2 resistance level, it could aim for the next important target at $2.50, which could lead to a strong and sustainable recovery.
Is the market turning bullish?
Several key on-chain metrics show growing interest and activity around IMX, which could fuel its growth momentum.
Trading volume has skyrocketed by 1,889.05%, reaching over 11.1 million Tokens transferred in the past 24 hours.
This sharp increase represents a new wave of market entry and accumulation, showing growing confidence among traders.
Furthermore, the number of active addresses increased by 11.54%, totaling 1,468 wallets.
This increase reflects the growing user engagement on the IMX network, a positive sign for the Token's long-term prospects.
Additionally, trading activity increased by 14.29%, with 1,449 trades recorded over the past day, continuing to show strong demand for IMX.
Are traders expecting bigger moves?
Open interest for IMX has increased by 21.37% to $46.8 million at the time of writing. This increase shows growing speculative interest in the token, with traders betting on significant future price moves.
If Open Interest continues to increase along with price and volume, it could provide the liquidity needed to break the $2 resistance level.
Can IMX break?
IMX’s recent surge has put the token on the brink of a potential breakout. With strong price action, increasing on-chain activity, and high Open Interest, the momentum is clearly bullish.
However, the overbought RSI suggests caution in the short term. If IMX can maintain its current momentum and break the $2 resistance, it could open the door to a rally towards $2.50.
