IMX Stagnates Around 50-Day EMA: Can It Trigger a Breakout?

• IMX token price continued its upward movement and is poised for a breakout.
• Its value remained flat, and the token hovers around the 50-day EMA mark.

The Immutable X (IMX), a Layer-2 scaling solution, showed an uptick and recovered over 40% in the last two weeks. It has gained significant momentum and lifted back from the lows. 

In the past few months, the crypto market has shown a turnaround, and IMX has faced a significant correction from the top. From the supply region of $3.50, it has retraced over 60% and retested the demand zone of $1.00. 

However, the signs of reversal were spotted, and the token is poised for a significant pullback. IMX’s correction came to an end and comfortably stayed above the 20-day EMA mark.

Still, the token stayed in a downtrend, and lower low swings were intact. A fresh, bullish wave was triggered, and the token is on the brink of a channel breakout. 

How Is IMX Performing Right Now?

At press time, the IMX was trading at $1.62 with an intraday surge of 0.36%, reflecting flat moves on the charts. It has a monthly return ratio of 3.40% and 148.20% yearly, reflecting short-term consolidation.

The pair of IMX/BTC is at 0.0000242 BTC, and the market cap is $3.24 Billion. Analysts are neutral and suggest that the IMX price may soon spread the bullish leg beyond the $2 mark.

IMX Poised For Breakout: Can IMX Bulls Succeed?

The daily charts of the Immutable X token signified a rebound and noted buyer accumulation. Still, the trend is neutral, and the token has yet to cross the downward-sloping trendline hurdle of $1.80.

IMX Price Chart | Source: Santiment

Its price action signified the buyer accumulation, and the token regained strength. Once the IMX token escapes the channel and crosses the 200-day EMA cluster, a short covering move can be seen ahead.

The RSI curve revealed a surge and reflected a buying pressure in the token. The rising RSI conveyed the sustained uptrend on the chart.

Moreover, the MACD indicator plotted the green bars on the histogram, and a bullish crossover was spotted.

IMX’s Social Insights Remained Flat

The Social Dominance data remained close around the zero line and stayed flat, noting 0.035%  this week. Investors have been looking forward to and discussing IMX on the social media platforms.

Social Dominance Data | Source: Santiment

The Weighted sentiment data displayed a flat move and approached the midline region. It conveyed a neutral sentiment among the investors.

Development Activity Data Revealed a Spike 

The development activity data for the past two weeks revealed a significant uptick and delivered traction. This conveyed a growth in the IMX ecosystem.

Development Activity Data | Source: Santiment

The futures Open interest data delivered a rise of over 2% to $29.34 Million in the last 24 hours.

Amidst the bullish price action and follow-on recovery, buyers have made fresh, long positions and are eager to initiate a breakout ahead.

The immediate support levels for the IMX token are $1.50 and $1.30, whereas the key upside hurdle is around $2.00, followed by $2.20

All In All

The IMX token price climbed above the 50-day EMA mark, and buyers are looking for a significant breakout ahead. 

Meanwhile, the trend is still neutral, and the buyers anticipate a rise. Beyond the $2 mark, a sharp breakout rally toward the cluster of the $2.50 mark can be seen.

Disclaimer

This article is for informational purposes only and does not provide any 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.