Immutable (IMX) Turns Bullish as Volume Skyrockets 300%
By: bitcoin ethereum news|2025/05/03 00:00:08
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Key Notes IMX is currently trading at $0.639 after a sharp 12% daily rally. The token has broken out of a downward channel that lasted since February. Long/short ratio at 1.004 indicates a shift toward bullish market positioning. Immutable’s native token IMX IMX $0.59 24h volatility: 5.2% Market cap: $1.08 B Vol. 24h: $49.98 M emerged as one of the best performers for today, surging nearly 12% in the past day. Currently trading at $0.639, IMX has managed to break out of a stubborn downward channel that had capped its price action since February 2025. $IMX UPDATE #IMX already breakout done. Getting a good volume here. Expecting 100%+ gain in this move #IMXUSDT #IMXBTC #BTC #Bitcoin #Crypto pic.twitter.com/r5IxL6aTmv — Alice Crypto (@Allice_Crypto) May 2, 2025 As per the on-chain data by Santiment, the long/short ratio for IMX has climbed to 1.004, tipping in favor of longs. This signals that the majority of market participants are positioning for further upside. Meanwhile, positive divergence between price and daily active addresses (DAA), currently at 63.22%, also suggests that user engagement is rising with price. IMX’s trading volume has skyrocketed by 300% in the last 24 hours, according to CoinMarketCap. Its market cap also saw a major jump, climbing 11% to touch $1.16 billion. The renewed interest in IMX coincides with a broader recovery trend in the crypto market, where investor appetite appears to be slowly returning, especially for projects with real-world use cases, such as Immutable’s gaming-focused ecosystem. IMX Price Outlook The IMX daily chart shows an inverse head and shoulders pattern, with the head near $0.45 and shoulders around $0.50–$0.52. The neckline breakout at $0.60 confirms bullish reversal. If momentum holds, the pattern projects a target of $0.75–$0.80, based on prior resistance from February’s breakdown. Meanwhile, the RSI currently sits around 64 with an upward gradient. This suggests increasing bullish momentum without being in overbought territory. However, if IMX pushes RSI above 70, it may trigger a short-term correction. IMX price chart | Source: TradingView Bollinger Bands show price pressing against the upper band, a sign of buying pressure. If volume continues rising, the band squeeze could lead to a stronger breakout. However, in case IMX fails to hold the upper band, traders could see retracement to the mid-band (20-day SMA) near $0.52. IMX price chart | Source: Trading View Meanwhile, MACD shows a bullish crossover, with histogram printing green bars. As long as this crossover holds, bulls maintain control. A daily close above $0.68 could lead the token toward $0.75–$0.80. next Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content. Cryptocurrency News, News A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books. Parth Dubey on LinkedIn Source: https://www.coinspeaker.com/immutable-imx-turns-bullish-as-volume-skyrockets-300/
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