Immutable’s utility token, IMX, surged by 15% over the last 24 hours
Immutable’s utility token, IMX, has surged by 15% over the last 24 hours, showcasing one of the strongest performances in the altcoin market. At the time of writing, IMX is trading at around $0.64, having risen from the recent lows of $0.55.
This rally is being driven by renewed bullish momentum, which is fueled by improving technicals and solid on-chain metrics. As the token continues to move upward, traders are now keeping an eye on whether IMX can maintain this trajectory and challenge the psychological resistance at $0.70.
One key signal that supports this optimistic sentiment is the rise in IMX’s long/short ratio. This metric, which tracks how many traders are betting on a price increase versus a decrease, has pushed above the neutral line to stand slightly over 1.0. When this ratio tips above one, it typically indicates that more traders are opening long positions, which in the current context, suggests increased confidence in a continued upward move and is a common indicator of a market bottom.
Another positive factor is the divergence in IMX’s price action compared to its Daily Active Addresses (DAA). The token is showing a strong positive DAA divergence of over 63%, which implies that network activity is growing in tandem with price increases. This is a healthy sign in crypto markets because it means user adoption is backing the price action, rather than speculative volume alone. As more users engage with the network, the fundamentals appear to be strengthening, increasing the probability of sustained price appreciation.
Looking at the technical indicators, on the daily chart, the Moving Average Convergence Divergence (MACD) indicator suggests that buying momentum is building. The MACD line is currently positioned above both the signal line and the neutral zero line, confirming an ongoing bullish trend. This crossover is widely interpreted as a buy signal, hinting that IMX could sustain its upward drive in the short term. If momentum holds, the token could break past the near-term resistance at $0.73 and move toward the next target at $0.79.
While the optimism is high, it’s crucial to remain aware of the potential downside risks. Market volatility is a constant factor in the crypto space, and any significant shift in sentiment could reverse the current trend. If bearish pressure returns and buyers fail to hold the current support, IMX could retreat toward $0.55. However, the present structure of higher lows and increasing volume suggests that buyers still have the upper hand.
The broader market conditions also play a role in IMX’s outlook. As investor appetite for altcoins grows, projects with strong utility and user engagement like Immutable X are likely to benefit. The current environment, combined with the rising on-chain activity and a favorable technical setup, provides a solid foundation for continued bullish performance.
In summary, Immutable’s IMX token appears well-positioned for further gains following its impressive 15% daily rally. The alignment of bullish trading sentiment, user activity and strong technical indicators increases the likelihood of a continued breakout. If the token successfully clears resistance in the $0.70-$0.73 zone, the next stop could be closer to $0.79, offering a compelling opportunity for short-term traders and long-term holders alike.
