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IGNITION
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- In the last 24 hours, the IMX crypto has given a return of 16.6%.
- Immutable crypto has witnessed huge short liquidation, as per Coinglass.
Immutable X (IMX) is a layer-2 scaling solution for Ethereum that uses zk-rollups. It offers zero gas fees, high speed, and security for dApps and NFTs. IMX is the native token of Immutable X, and it is used for fees, staking, and voting.
As per Coingecko, the current market sentiment regarding the IMX coin is bullish. More than 91% of traders are bullish on the crypto. The market cap for the crypto has increased by more than 17.87% in the last 24 hours, resulting in $2.266 Billion.
The trading volume of Immutable crypto has also risen by 8.2%, resulting in a volume/market cap ratio of 6.76%. Moreover, the derivative trading volume of IMX has declined by 5.89%.
The crypto has witnessed an increase of 22.44% in its open interest, resulting in a long/short ratio of 1.0247, which shows the buyers’ dominance. Moreover, the derivative trading volume of the IMX crypto is following an uptrend, rising over time.
Immutable Token Overview
Source: Etherscan.io
The current total supply of the Immutable crypto is 1.288 Billion IMX, which is 64.41% of the max supply. However, the max supply of the crypto is 2.0 Billion IMX and the fully diluted market cap of the crypto is $3.494 Billion.
IMX Crypto Technical Analysis
The IMX crypto price has broken above the crucial resistance levels by forming consistent bullish candles on the weekly timeframe. This behavior in the market shows the prevalence of buying pressure in the market.
IMX/USD Chart by TradingView
The supertrend indicator is giving a buy signal on the daily chart, breaking above the level of $0.5950. The most recent trailing ATR of the IMX crypto resides at the level of $1.26 and if the price breaks below this level, it might result in a downtrend.
The RSI is also giving a bullish signal on the daily chart of IMX crypto as it is situated above the overbought zone. Currently, the RSI is at a level of 77.36 and the 14-day SMA is at a level of 65.83.
Conclusion
IMX, a layer-2 scaling solution for Ethereum, has shown a strong bullish trend on the weekly and daily charts. The price has risen by over 90% in just the last 30 days and the RSI is positive. IMX has a high market cap, a high trading volume, and a high open interest. Therefore, the price might continue to rise to higher levels.
Technical Levels
- Support levels: $0.3700 and $0.8500
- Resistance levels: $2.8650 and $5.410
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.
