Immutable (IMX) IMX, the native token of the Immutable X blockchain, has enlisted a massive recovery and cured from the lows of $0.500 snappily. IMX token is compiling the gains close to the make-or-break zone of $1.220, the supply zone. IMX price surpassed notable moving averages and loomed in the bullish trajectory, highlighting the buying interest on the chart. Additionally, the recent agreement wins and the project development news with Ubisoft became a boon for IMX. Afterward, the IMX token skyrocketed over 55% in the last week.
The Gaming Giant Ubisoft partnered with IMX last week, and the token rallied massively and surpassed numerous hindrances in a single go. $1.50 is a strong likelihood now. If bulls succeed in surpassing the zone, IMX will fly towards $1.700 by December, whereas if it fails to do so, it will retest the round mark of $1.00.
The live price of the IMX token is $1.21, with an intraday gain of 10.18%, showing bullishness on the charts. Moreover, the trading volume rose by 5.55% to $596.93 Million, and the pair of IMX/BTC is at 0.0000332 BTC. However, the market cap rose to $2.44 Billion. Analysts have upgraded the rating from ‘neutral’ to ‘buy,’ suggesting a bullish outlook for the upcoming sessions.
Will IMX Continue to Fly Above the Bars?
The IMX token price has surpassed the key moving averages on the daily chart and attained massive strength. Furthermore, the token has shown notable buying momentum, and a W-shaped pattern was also formed on the bottom zone, which led to a smooth recovery.
The RSI curve above 75 denoted a positive divergence and indicates that the IMX token will continue to display bullishness.The MACD indicator showed a bullish crossover and green bars on the histogram, suggesting a positive outlook for the upcoming sessions.
Weekly Charts Forms Double Bottom Pattern
On the weekly chart, the IMX token has ushered a recovery from the lows of $0.500 and made a W pattern. Moreover, the token is heading to the breakout zone of $1.500 and has attained strength among its peers. The crypto market acquired bullishness, and IMX is one of the tokens where investors gained attention based on its technical setup. The token has undergone its correction and healed sharply.
Summary
The immutable (IMX) token is rising sharply to the supply zone of $1.500 and has gained momentum over the last trading sessions. The token chart shows rising buying interest, with a decisive breakout from the round mark of $1.00.
Technical Levels
Support Levels: $1.000 and $0.8500
Resistance Levels: $1.500 and $1.800
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/11/19/imx-price-shines-above-1-00-will-bulls-continue-to-charge/