Immutable X (IMX) Crypto: Best gaming token to buy?

2 months ago 27825

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IMX Crypto is sending buy signals on the chart and can be a good short-term trade option.

Symmetrical Triangle, which is a neutral pattern, suggesting indecision in the market. Although it could break either up or down, it usually breaks in the direction of the prevailing trend

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IMX Crypto Price Target

Immutable X (IMX) is trading at $1.52. The token has seen an impressive upward trend, reflecting a 3.5% increase in the past 24 hours.

Market Cap: $877.67 million
24h Trading Volume: $56.81 million
Circulating Supply: 570.35 million IMX
Total Supply: 2.00 billion IMX.

Price is in a Downtrend, however, it had a bullish breakout from Symmetrical Triangle pattern, above $1.50 resistance, and could revisit $1.75 next. Stop Loss at $1.38.

Weekly Price Analysis

IMX has experienced notable fluctuations throughout the week:

7-Day Range: $1.21 – $1.54
Weekly Opening Price: $1.28 (September 16, 2024)
7-Day Change: IMX saw a 19.2% increase over the week, reflecting strong market momentum driven by broader altcoin interest.
Trend: Short-term trend is Strong Up, Medium-term trend is Neutral, Long-term trend is Strong Down.
Momentum: Price is neither overbought nor oversold currently.
Support and Resistance: Nearest Support Zone is $1.25, then $0.90. Nearest Resistance Zone is $1.75.

Technical Indicators

Here’s a look at key technical indicators for IMX:

Relative Strength Index (RSI): The RSI is trending at 62, indicating the token is approaching overbought territory.
Moving Average Convergence Divergence (MACD): The MACD shows bullish momentum with the MACD line above the signal line.
Bollinger Bands: IMX’s price is riding near the upper band.

News Roundup

IMX has been making headlines due to its growing whale activity and increasing altcoin interest, particularly following a recent Federal Reserve rate cut:

Whale Activity Surge: IMX has seen a notable increase in whale interest alongside other tokens like Fantom and Basic Attention Token.
Layer-2 Expansion: Immutable X continues to benefit from its Layer-2 solution, providing zero gas fees and enabling high-speed transactions, particularly for NFTs and gaming.

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