IMX Price Prediction: IMX is Up 54% Despite SECs Notices On Crypto Exchanges, Where Next For IMX?

The crypto market is red following the SEC’s recent whipping of Kraken Exchange. However, IMX continues to show an impressive surge even after many cryptocurrencies dipped. The token has risen 54% in 14 days. This has brought mixed feelings.

IMX Sustain Surge Despite SECS Warnings 

Within just 24 hours of shutting down Kraken’s crypto staking service in the United States and settling for $30 million with a bitcoin trading venue, Gary Gensler, the head of the Securities and Exchange Commission (SEC), issued a cautionary message to other players in the crypto market.

BREAKING: #Crypto exchange Kraken shuts down staking following SEC charges!

— Bitcoinsensus (@Bitcoinsensus) February 9, 2023

The SEC came down hard, hitting the Kraken crypto exchange. This incident has shaken the cryptosphere, with many investors shelving their investments in fear of another market crash.

Despite this, Immutable X (IMX) has sustained its surge, rising 54% in the past 14 days and 113% in January 2023. IMX seems to be a better investment this year. But is the surge a bull trap?

At the time of writing, the price of ImmutableX (IMX) stands at $1.05, with a 24-hour trading volume of $83,680,140. This represents an increase of 9.24% in the last 24 hours and 9.39% in the past seven days. With a circulating supply of 790 million IMX tokens, the market capitalization of ImmutableX is valued at $832,975,888.

IMX Price Analysis

Being introduced to the public in November 2021. Its initial success was reflected in its all-time high of $9.52 on November 26th before ending the year at $4.90. 

However, the following year, 2022, proved challenging for the crypto market, and IMX was no exception. Despite reaching its all-time high of $9.52, the token’s value declined to a low of $1.10 by March 2022. Although it made some recovery to $2.82, it was followed by another drop in value.

This downward trend was exacerbated by a series of market crashes, resulting in IMX’s value bottoming out at $0.6366. A brief period of recovery saw IMX reach a high of $1.29. On July 31st, it faced another dip and was trading at $0.7228 on November 5th. 

The bearish trend continued with the collapse of the FTX exchange, leading to a low of $0.3781 on November 21st. Despite this, IMX staged a resurgence and reached a high of $0.5151 before settling around $0.43 in December.

IMX Technical Indicator Signal Bullish Market: Is It a Bull Trap?

2023 has begun on a good note for IMX investors and traders. The token has been surging on gently rising from its bottom of $0.43 since the beginning of the year.

The market price of IMX is trading above the moving averages. This signals a solid bullish trend from February to the end of Q1 of 2023. The RSI is also on a good note, signaling a solid bullish market.

After a long period of consolidation, the market broke out to the upside, giving the bulls control of the market. The 50-day and 200-day moving averages indicate a breakout as the price crosses along the support level. Currently, the market price of IMX is trading along the 200-day moving average, which is also acting as a support for IMX.

The Relative Strength Index (RSI 14) is also trending well, as it is moving above the 50-level at the 67 mark. This bullish stand shows that the market price of IMX might hit new highs soon. Besides, the market is not showing any signs of reversal movements.

The last candle of the day is also in a buy mode which confirms that the market is swiftly taking new grounds.

Considering the above analysis, IMX seems like a good investment this year. All signals indicate a bullish move. Should the price sustain above the $0.95 level, our price prediction stands at $3 towards the end of Q1 of 2023.

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