The Immutable token (IMX) has recorded an 8.13% surge in the last day, supported by a significant 270.12% spike in trading activity, pushing its value to $1.36.
Across various timeframes, a consistent strong performance is observable, with a notable 23.63% increase on the monthly chart. This continuous growth suggests that IMX is poised to sustain its upward movement.
Significance of increasing volume and price
The uptick in both the price and trading volume of IMX reflects a robust interest in the cryptocurrency. This trend implies that further price gains may be on the horizon.
Currently trading at $103,080,980 based on CoinMarketCap data, any substantial rise from this level along with a positive price trend indicates the potential for IMX to surpass its current value.
This scenario indicates a strong upward momentum for IMX in the market.
IMX Rally Targeting $1.7 — Crucial Levels to Monitor
As noted by CryptoCrypto’s analysis, IMX has been operating within a bullish triangle formation, characterized by a support base and an upper diagonal resistance.
At present, IMX has approached this upper resistance level but has not managed to break through, experiencing a reversal instead.
If this downward trend continues before shifting upwards, there are two key support levels to watch for IMX.
Initially, IMX is likely to find support around $1.326, where substantial buying pressure could trigger a rebound.
In the event of this support level not holding, the subsequent target would be the primary support of the triangle pattern at $1.147, potentially propelling the price towards the pattern’s peak at $1.7.
Growing Bullish Signals for IMX
By leveraging the Chaikin Money Flow (CMF), which analyzes price and volume data to illustrate capital flows into and out of IMX, CryptoCrypto has noted a recent bounce from a historical support level.
If the CMF continues to rise from this point, IMX is expected to reflect this positive momentum and progress towards its targeted objective.
Further validating this trend, the Parabolic SAR suggests that IMX is maintaining its bullish direction, with dotted lines below the price indicating a sustained upward trajectory.