ImmutableX (IMX) Price Analysis: Bulls Eyeing 83 Cents as On-Chain Activities Soar

The ImmutableX (IMX) network, a fast-growing layer two scaling solution for NFTs on the Ethereum network, has attracted heightened on-chain activities in the past few days. According to our latest crypto price oracles, the IMX token had a 24-hour traded volume of about $158,141,072, which had increased more than 1022 percent. The significant spike in IMX daily traded volume coincided with its 10 percent rally in the past 24 hours to exchange hands around 80 cents on Friday. 

Crypto experts believe the IMX price is preparing to break out from a year-long consolidation following last year’s bear market. Moreover, IMX price has formed a head and shoulder (H&S) pattern on the weekly time frame with a rising divergence of the RSI.

According to a trade setup provided by a bullish digital asset analyst Crypto Tony, ImmutableX IMX price action is well positioned to rally further in the coming weeks following a recent breakout. For a perfect entry-level of ImmutableX IMX, the analyst highlighted that the bulls must flip the resistance level around 83 cents to a support level to confirm the continuation. Having achieved considerable support around 70 cents, Crypto Tony believes the bulls are well motivated to rally beyond in the near future.

However, the analyst warned of possible pullbacks as the altcoin volatility spikes amid lowering Bitcoin dominance.