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Current bullish patterns indicated that IMX could reach $1.7 shortly — a significant adjustment from the previously reported $.17.
Further bullish signals suggested that an upswing in IMX prices may occur sooner than anticipated.
As a seasoned researcher with over two decades of experience analyzing digital assets, I must say that the current bullish patterns for Immutable [IMX] are truly captivating. The 8.13% surge within 24 hours and the remarkable 270.12% increase in trading volume are signs that we might be witnessing a new chapter in IMX’s growth story.
In the last 24 hours, the value of IMmutable [IMX] has risen by 8.13%. This upward trend can be attributed to a significant jump in trading activity, which saw a 270.12% rise, pushing its current price up to $1.36.
A steady ascent in performance is noticeable throughout all significant periods, with a notable 23.63% increase seen on the monthly graph alone. This prolonged expansion suggests that IMX may persistently trend higher.
Impact of rising volume and price
A rise in both the cost and demand for IMX indicates strong investor enthusiasm towards this asset. This pattern implies that prices might continue to rise even more.
As I analyze the current market situation, I see that the trading volume for IMX is at approximately $103 million according to CoinMarketCap at this moment. If we witness a substantial increase from this level, coupled with an upward price trend, it could be a strong indication that IMX might surpass its current price point.
This scenario pointed to a strong market momentum for IMX.
IMX rally set for $1.7 — key levels to watch
Based on AMBCrypto’s examination, the digital token IMX has been moving within a bullish triangle structure, which is formed by a lower horizontal level of support and an upper diagonal line of resistance.
At present, I find myself observing that IMX has ascended to this notable resistance level, yet it hasn’t managed to breach it, instead, it’s experiencing a reversal downward.
If the current trend continues to move downwards before changing direction, it’s important to keep an eye on two potential support levels for IMX.
At first glance, it seems that the price of IMX might initially find stability around $1.326 due to substantial buying interest present. This could trigger a possible recovery.
Should the current support fail, the potential price movement might aim for the significant support level of the triangle pattern located at approximately $1.147. If this level is breached, it could lead the price towards the peak of the triangle pattern, which lies at around $1.7.
Increasing bullish confluence for IMX
By analyzing the Chaikin Money Flow (CMF) indicators, AMBCrypto noticed that IMX experienced a recent upswing from a significant historical price floor.
Read Immutable’s [IMX] Price Prediction 2024–2025
If the Capitalization-to-Market Factor (CMF) keeps rising from here, it’s expected that Investment Maximizer (IMX) will follow suit and move upwards, approaching its projected goal.
Continuing with the upward trend, as suggested by the Parabolic SAR, IMX‘s graph shows a persistent bullish pattern. This is evident because the dotted lines are positioned below the current price, indicating that the price is likely to keep rising.
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2024-09-18 21:44