bullish

Immutable

Million

Coin

<p><strong>Immutable</strong>, a Layer 2 scaling solution for NFTs on Ethereum, has notably recovered from the channel’s lowest trajectory mark of $0.920. Gaining more than 30% in a week, the Immutable (IMX) price reached the brink of the overhead trendline hurdle of $1.30.</p> 
<p>This significant bounce revived investors’ interest and suggested a potential ongoing rise ahead. Crypto gaming is back on the rise, and Immutable has taken the lead.&nbsp;</p> 
<p>It resulted in a significant price bounceback, and <strong>IMX </strong>bulls hope for a breakout. The IMX token was anticipated to cross the prompt hurdle of $1.40 to form the next bullish leg up.</p> 
<h2 class="wp-block-heading" id="h-immutable-imx-price-at-press-time"><strong>Immutable (IMX) Price at Press Time</strong></h2> 
<p>Currently ranked 43rd by market capitalization, the <strong>IMX token price </strong>rose over 7.66% to $1.24, experiencing buying momentum.</p> 
<p>However, IMX trading volume remained flat, noting a rise of over 2.30% to $31.34 Million in the past 24 hours. This lower trading volume surge meant a potential investor sentiment alteration.</p> 
<h2 class="wp-block-heading" id="h-immutable-imx-lingers-within-a-declining-channel-what-s-next"><strong>Immutable (IMX) Lingers Within a Declining Channel: What’s Next?</strong></h2> 
<p>Amid the price pullback from the $1 mark, the token was still capped inside a falling channel. It has not yet exhibited any signs of escaping the region.&nbsp;</p> 
<p>Meanwhile, the buyers have regained their strength a bit. They have still struggled to sustain the price beyond the 20-day EMA mark on a closing basis.</p> 
<p>If the <strong>IMX token </strong>continues to trade within the channel, it may resume the bearish journey. Also, it may hover around the $1 mark in the short term.</p> <iframe loading="lazy" title="Santiment Chart: Price (IMX), Volume (IMX)" width="800" height="425" src="https://embed.santiment.net/chart?ps=immutable-x&amp;pt=IMX&amp;df=2024-02-14T18%3A29%3A59.819Z&amp;dt=2024-08-14T18%3A29%3A59.819Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%2326C953%3B%23D2D6E7&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>The Immutable token price has been traded on a back foot for the past few months. It has decreased by over 50% in the past three months. However, the correction has ended, and signs of bottoming out are visible on the chart.</p> 
<p>SwissTrader (@Swisstrader) tweeted that <strong>IMX </strong>has held the support zone and can go up strongly.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">closely observing <a href="https://twitter.com/search?q=%24IMX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IMX</a><br><br>flip box and hold, then we go up strongly, patience here aswell tho, no trigger no trade <a href="https://t.co/QHmjnMM2BI">pic.twitter.com/QHmjnMM2BI</a></p>— SwissTrader (@swisstrader09) <a href="https://twitter.com/swisstrader09/status/1823357483986960561?ref_src=twsrc%5Etfw">August 13, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The RSI curve observed a spike from the oversold region, having a reading of 48, exhibiting signs of accumulation. Similarly, the MACD line overtook the signal line, projecting the bullish crossover on the chart.</p> 
<h2 class="wp-block-heading" id="h-immutable-holders-experienced-losses-what-does-it-mean"><strong>Immutable Holders Experienced Losses: What Does It Mean?</strong></h2> 
<p>The data from the IntoTheBlock platform revealed that 33.41% of in-the-money holders have been making profits at the current price levels. At the same time, more than 65% of holders have faced unrealized losses.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="395" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-139-1024x395.png" alt="GIOM Indicator Data | Source: IntoTheBlock" class="wp-image-663545" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-139-1024x395.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-139-300x116.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-139-768x296.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-139-150x58.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-139-696x268.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-139-1068x412.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-139.png 1185w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  GIOM Indicator Data | Source: IntoTheBlock
 </figcaption>
</figure> 
<p>It represented that on-chain activity signals a slight bearish data. Generally, a high count of unprofitable addresses could reflect a potential buying opportunity or bearish sentiment.&nbsp;</p> 
<p>It means that holders might seek to lower their average costs by purchasing additional tokens.</p> 
<h2 class="wp-block-heading" id="h-futures-open-interest-oi-data-overview"><strong>Futures Open Interest (OI) Data Overview</strong></h2> 
<p>Amid the price pullback, futures traders have anticipated a next bullish leg up and have started making fresh longs for it. The Open Interest (OI) rose over 16.20% to $29.16 Million in the last 24 hours.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="236" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-138-1024x236.png" alt="Open Interest (OI) Data | Source: Coinglass" class="wp-image-663540" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-138-1024x236.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-138-300x69.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-138-768x177.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-138-150x35.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-138-696x161.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-138-1068x247.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-138.png 1390w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Open Interest (OI) Data | Source: Coinglass
 </figcaption>
</figure> 
<p>If IMX trades with the bullish sentiment ahead, it may cross the 20-day EMA mark. It would reach the resistance mark of $1.40, soon followed by $1.70.</p> 
<p>Conversely, if it fails to bisect the 20-day EMA mark, it may flip toward the support region of $1.05. This would be followed by $0.970 in the short term.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/14/immutable-imxprice-aims-for-2-after-30-weekly-surge/">Immutable (IMX)Price Aims For $2 After 30% Weekly Surge</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Immutable (IMX)Price Aims For $2 After 30% Weekly Surge

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