Immutable X Next Target: IMX Crypto Aiming for $2 level

2 months ago 26802

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IMX Crypto can be a good buy. Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken.

Once price breaks below support, it can move lower to the next support level.

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IMX Crypto Price Analysis

Price: $1.30
Market Cap: $1.23 billion
24-Hour Trading Volume: $49.31 million
Circulating Supply: 947 million IMX
Total Supply: 2 billion IMX

Price is in a Downtrend, however, there are improvements. It had a bullish breakout from Falling Wedge pattern and reached our target of $1.50.

Price also made a Higher Low (above the prior swing low of $0.90) and could revisit $1.45 again for another 20% potential gain. Stop Loss at $1.09.

Weekly Price Analysis

7-Day Price Change: +3.12%
Week Open Price: $1.26
Trend: Short-term trend is Up, Medium-term trend is Down, 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 $1.50, then $1.75.

Indicators

Relative Strength Index (RSI): 58 (Neutral)
MACD: Slightly bullish crossover
Bollinger Bands: Price approaching the upper band, suggesting possible overbought conditions

News Roundup

Strategic Partnership with Portal: Immutable has entered a significant partnership with Portal, a web3 distribution platform
New Funding Round: IMX secured $200 million in a Series C funding round, boosting its valuation to $2.5 billion.
Focus on NFT Games: The launch of new NFT projects like “GodsUnchained” and “Guild of Guardians” has kept the platform thriving.

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