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

Immutable, 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.

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. 

It resulted in a significant price bounceback, and IMX 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.

Immutable (IMX) Price at Press Time

Currently ranked 43rd by market capitalization, the IMX token price rose over 7.66% to $1.24, experiencing buying momentum.

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.

Immutable (IMX) Lingers Within a Declining Channel: What’s Next?

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. 

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.

If the IMX token continues to trade within the channel, it may resume the bearish journey. Also, it may hover around the $1 mark in the short term.

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.

SwissTrader (@Swisstrader) tweeted that IMX has held the support zone and can go up strongly.

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.

Immutable Holders Experienced Losses: What Does It Mean?

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.

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. 

It means that holders might seek to lower their average costs by purchasing additional tokens.

Futures Open Interest (OI) Data Overview

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.

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.

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.