- Immutable X has outperformed 63% of the top 100 crypto assets last year.
- IMX crypto has further performed positively compared to its token sale price.
Immutable X is a Layer-2 scaling solution for Ethereum developed by Immutable, a blockchain gaming company founded by James Ferguson and Robbie Ferguson. It utilizes zk-rollups to process transactions off-chain, enabling fast and gas-free transactions on Ethereum. IMX token facilitates transactions, network security, dApps, and smart contracts governance.
The total value locked for the IMX crypto is $41.97M, and the token has staked 5.21% of the market cap, which values $170.71M. The liquidity of the crypto is worth $11.2M.
The crypto’s market cap has advanced by 4.3% in the last 24 hours, and the traded volume of the crypto has further witnessed a decline of 8.2%. This further results in a traded value of $53.203M, and the trading volume ranking for the crypto is #110 as per CoinMarketCap.
Immutable X is the 34th largest cryptocurrency in the global crypto market. It has a market cap of $3.331B, and the crypto market cap dominance is 0.14%. It also has a fully diluted market cap of $4.573B.
The circulating supply of the crypto is 72.84%of the maximum supply, resulting in 1.56B IMX. The total and the maximum supply of the Immutable X token are similar, resulting in 2.0B IMX.
The trading price of the crypto is also highly volatile, resulting in 15.19%, and the sentiment of the crypto is bullish. Moreover, the fear and greed index of the crypto is at 73, indicating extreme greed.
Immutable X Crypto Derivatives Analysis
Immutable X has witnessed a long liquidation of $18.96K, slightly higher than the short liquidation of $14.57K. Also, the long/short ratio of the Immutable X crypto is 1.0141.
The trading volume of the crypto derivatives has further witnessed a decline of 17.2%, which has resulted in a traded value of $38.37M.The open interest in crypto has seen a slight increase of 3.08%, resulting in $26.38M.
Sentiment Vs Weighted Sentiment Of The Immutable X
The sentiment for crypto has shown a substantial decline in recent days, followed by a decline in the positive and negative sentiments. Following this, the weighted sentiment of the crypto also significantly declined.
IMX Crypto Technical Analysis
The price of the IMX crypto is taking support at the previous swing low and is witnessing buying sentiment as the candlesticks indicate a high probability of a change of trend to bullish in crypto.
If the price of the IMX crypto breaks above the level of $2.3, the price might continue to surge to the most recent swing high of $3.70. Furthermore, a possibility of morning star formation at the support levels can be seen.
IMX/USD Chart by TradingView
The price of the IMX crypto declined below the 200-day EMA but rebounded from the lower levels. It has now advanced above the 200-day EMA and is approaching the 20-day EMA. Furthermore, the EMAs are still trading in a golden cross.
The MACD has formed a bullish histogram, and the MACD and the signal line trade in a golden cross. Despite this, the metrics have declined below the zero level, and if they rebound above the zero level, a strong uptrend in the crypto price might be seen.
The RSI has broken above the 14-day SMA and is advancing from the oversold zone. It is currently trading at 44.8, and if it further advances above the 50-level, buyers’ support can be seen in the price.
Summary
Despite recent declines in sentiment, Immutable X (IMX) crypto demonstrates resilience, outperforming many top assets and maintaining positive performance compared to its token sale price. With solid support at previous swing lows and bullish technical indicators, IMX shows potential for a surge toward recent highs, especially if it breaches $2.3.
Technical Levels:
- Support levels: $0.5100 and $1.710
- Resistance levels: $2.80 and $3.720
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.