- IMX token price has given a breakout from a bullish flag at the $2.07 level.
- The trading volume has declined by 11.84% in the last 24 hours.
- Moving averages suggest a strong positive signal in the current trading phase.
Immutable (IMX) is a first layer-2 scaling solution for NFTs on Ethereum. The users can create and distribute assets like ERC-20 and ERC-721 on a massive scale. The director of the Gods Unchained game stated that Immutable allows this game to implement a new meta system that was impossible earlier. The layer-2 blockchain has zero gas fees, whereas operators can set their own trading fees.
IMX Token Price Took Massive Steps in October 2023
The Immutable crypto price has recorded a return of over 560% in the last six months. The price broke above major hurdles during this rally. However, it faced negative sentiments in January 2024 but continued on its bullish consistency in the last two months.
IMX’s fully diluted market capitalization was $6.8 Billion. It represents the total value of this project if the maximum supply is in circulation. Currently, there are 1.3 Billion IMX tokens in circulation, which hold a market capitalization of $4.7 Billion.
Price to Volume and Social Dominance Analysis
The Immutable witnessed its social dominance above 2.17% in November 2023. Alternatively, the price is steadily increasing, but it hurt its social dominance, which dropped to 0.053% in the current phase.
The 24-hour trading volume of IMX is at $124 Million and has declined by 5.59%. It ranked 108th among all the 9,046 active cryptocurrencies.
Immutable tokens are allocated in the following ways:-
- 51.72% is allocated to ecosystem development.
- 25.00% is allocated to project development.
- 13.86% is allocated to private sales.
- 2.94% is allocated to public sale 1.
- 2.48% is allocated to public sale 2.
- 4.00% is allocated to the foundation reserve.
Technical Analysis of the Immutable Token
The IMX token price witnessed a golden crossover between the 50 and the 200-Day EMAs at $0.71 in November 2023. This reflects bullish sentiments in the price, led by the 50-Day EMA as a dynamic support.
IMX price has given a breakout from a bullish flag at $2.08. The price surged over 70% after the breakout. Recently, it got a bullish response from the upper structure of the bullish flag at $2.46, which could push the price to $4.38 in early April.
The relative strength index (RSI) reflected a bearish divergence in the price momentum, reflecting a change in strength toward the bears. RSI is sloping at 56.47 below the RSI SMA.
Summary
Immutable can become a pioneer in the future for the NFTs and Meta Systems. It is a layer-2 scaling solution on Ethereum. Market observers suggest the IMX token price can reach $4.38 by the end of March or early April. On the flip side, the price is expected to observe a sharp fall if it closes below $2.46.
Technical Levels
- Resistance Levels: $3.75 and $4.38
- Support Levels: $2.84 and $2.46
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.