- IMX surged 9%, reaching a 17-day high amid market gains.
- IMX trading volume spiked 252%, signalling increased trader activity.
The global cryptocurrency market cap increased by 1.48% over the past 24 hours, with trading volumes up 27% after several days of bearish sentiment. Bitcoin has risen 2%, hitting a 21-day high of $61,316. As is typically seen, altcoins followed suit, with notable gains across the board.
Among the altcoins, Immutable X (IMX) captured significant attention, surging more than 9% in the last 24 hours and reaching a 17-day high of $1.487. IMX’s trading volume spiked 252%, signaling increased activity among traders. Over the past month, the coin is up 23%, currently ranked 37th on CoinMarketCap.
Moreover, community sentiment around IMX is largely positive, with 85% of participants feeling bullish. However, price action analysis suggests that buyers have faced challenges. Although bulls attempted a recovery after stabilizing at lower levels, the price was rejected at the 50-day Exponential Moving Average (EMA), wiping out recent gains.
Currently, IMX is trading below the 20, 50, and 200-day EMAs, presenting risks of a further crash. The $1.10 support level has held firm, but a break below this could push IMX towards a new annual low.
Can IMX Surge Past $2?
In the short term, sellers appear to control the market, with bulls struggling to regain momentum. IMX’s daily chart shows a bullish trend supported by the 9-day EMA at $1.353. It is while the Relative Strength Index (RSI) stands at 54, indicating a neutral stance.
If the bullish momentum continues, resistance levels at $1.49 and $1.62 may be tested. On the flip side, sustained bearish pressure could result in a decline towards $1.21, with a key support level at $1.10.
As IMX tests critical resistance levels, traders are watching closely for signs of sustained strength or potential reversals in the days ahead.
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Source: https://thenewscrypto.com/can-imx-break-through-resistance-or-face-a-pullback/