12.14% drop – What does the data say about the future for IMX?
The potential for IMX to break through as key indicators point to sustainable growth and positive sentiment.
IMX is approaching the critical resistance of $2 with strong price performance and overbought RSI conditions.
- On-chain metrics, including transfer volume and open interest, indicate increased market participation and speculation.
Immutable [IMX] has surged 12.14% in the last 24 hours, reaching $1.81 and attracting traders’ attention.
As it nears the critical $2 resistance level, many are asking: Can this move push IMX toward a breakout, or is a pullback on the horizon?
Immutable: Is $2 the next target?
IMX has shown significant strength with expanding Bollinger Bands, reflecting increasing volatility. The price currently sits at $1.81, just below the critical $2 resistance.
Meanwhile, the Relative Strength Index (RSI) has risen to 75.91, placing IMX firmly in overbought territory.
Thus, while the upward momentum is strong, a short-term pullback may occur if traders begin to take profits.
However, the support level at $1.72 remains firm, providing IMX with a strong foundation for potential growth.
If the token can break the $2 resistance, the next key target could be $2.50, potentially leading to a larger and more sustained rally.
Source: TradingView
Is the market bullish?
Several key on-chain metrics suggest increasing interest and activity around IMX, which could further boost its upward momentum.
Transfer volume surged by 1889.05%, with over 11.1 million tokens transferred in the past 24 hours.
This sharp increase indicates a new wave of market participation and accumulation, reflecting growing confidence among traders.
Additionally, the number of active addresses has risen by 11.54%, reaching a total of 1,468 wallets.
This rise in active addresses signals growing user engagement on the IMX network, which is a bullish indicator for the token’s long-term outlook.
Moreover, transaction activity has increased by 14.29%, with 1,449 transactions in the past day, indicating strong demand for IMX.
Source: CryptoQuant
Are traders expecting bigger moves?
Open interest for IMX has risen by 21.37%, reaching $46.8 million at the time of publication. This spike indicates increasing speculative interest in the token, with traders betting on significant future price movements.
If open interest continues to rise alongside price and volume, it could provide the liquidity needed for a breakout beyond the $2 resistance level.
Source: Coinglass
Will IMX break out?
The recent surge in IMX has positioned the token on the verge of a potential breakout. With strong price performance, increased on-chain activity, and rising 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 through the $2 resistance, it could pave the way for a rise to $2.50.
