Amid the bearish market sentiment, Immutable’s native token, IMX, has reached a crucial support level of $1.05 and is poised for a significant upside rally. According to IMX’s daily chart, this support level has always been favorable for the altcoin, often triggering upward momentum.
Immutable (IMX) Technical Analysis and Upcoming Level
Since July 2024, IMX has reached this level more than six times, and each time, it has witnessed impressive upside momentum. Considering its historical price movement, experts and analysts expect a similar kind of rally in the future.
Additionally, IMX is trading below the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating a downtrend.
IMX Price Prediction
Based on the recent price action, if IMX holds above $1.00, there is a strong possibility it could soar by 60% to reach the $1.70 level in the coming days. IMX has also witnessed a bullish divergence on its daily timeframe, indicating a perfect opportunity for a price reversal.
Large Transaction Volume Surges 360%
With this strong bullish price action, long-term holders and crypto whales have shown significant participation in the token, as revealed by the on-chain analytics firm IntoTheBlock. According to the data, IMX’s large transaction volume has surged by 360% in the past 24 hours.
Major Liquidation Areas
As of now, the major liquidation levels are near $1.02 on the lower side and $1.105 on the upper side, with traders over-leveraged at these levels, as reported by the on-chain analytics firm CoinGlass.
The data further reveals that if market sentiment remains unchanged and IMX’s price falls below the $1.02 level, nearly $365,380 worth of long positions will be liquidated. Conversely, if sentiment shifts and the price rises to $1.105, approximately $425,170 worth of short positions will be liquidated.
When combining these on-chain metrics with technical analysis, it appears that investors are bullish, but intraday traders are capitalizing on the current market sentiment and seem to be strongly betting on the bearish side.
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