Immutable’s IMX Eyes 29% Monthly Gain Amid Market Uptrend

The Immutable (IMX) token has experienced a significant price increase in recent weeks, gaining over 28% in the past 30 days. As of today, IMX trades at $2.451, reflecting a 2.84% increase from the previous day.

IMX/USD 24-Hour Chart (Source: CoinStats)

Currently ranked 29th by market capitalization, Immutable’s market cap has climbed to $3.619 billion, representing a 3.65% increase. However, trading activity has shown a different trend. Over the past 24 hours, IMX’s trading volume has decreased by 27.66% to $134.251 million. This decline suggests a potential shift in investor sentiment, possibly indicating profit-taking after the recent price rise. In contrast, a notable shift has occurred in its trading dynamics.

Over the last 24 hours, IMX’s trading activity has receded by 27.66%, amassing a total of $134.251 million. This reduction in trading volume implies a potential alteration in investor sentiment, perhaps reflecting a trend where stakeholders are opting to capitalize on the recent uptick in valuation.

Astra Nova Update Fuels IMX Surge

The recent surge in IMX’s value coincides with the announcement of a new SocialFi platform by Astra Nova, a Saudi Arabian Web3 RPG developer. The Black Pass, as the platform is named, offers a unique approach by providing a free soulbound NFT for access. It aims to enhance player engagement through social quests and the collection of shards, leading to potential airdrop earnings of the $RVV token. This initiative aligns with Astra Nova’s Season 1 launch, including the introduction of its upcoming game demo. Notably, the Black Pass is the first SocialFi platform to utilize Immutable’s zkEVM technology.

🚀 Storm Warfare, incubated by @SeedifyFund, is making history as the FIRST FULL-VERSION GAME EVER to go LIVE on @Immutable’s zkEVM Mainnet, powered by @0xPolygon!

Get ready to join the battle on May 22nd! ⚔️

Stay tuned for major news and big launch rewards on the horizon! 🎁 pic.twitter.com/PcIPwqaHxU

— Storm Warfare (@StormWarfare) May 17, 2024

Further contributing to the momentum within the IMX ecosystem, Storm Warfare, a project incubated by SeedifyFund, announced its upcoming release on the Immutable zkEVM Mainnet powered by Polygon. Scheduled to launch on May 22nd, Storm Warfare will be the first full-version game to debut on this platform.

IMX Surges Past Key Level: Is This the New Normal?

Technically, IMX’s recent price action suggests a potential continuation of the uptrend. On the 4-hour chart, the IMX token has rallied over 29% from its recent low, last recorded on March 15. This surge allowed the token to surpass and close above a critical resistance level at $2.4546, which now serves as its support.

IMX/USD 4-Hour Chart (Source: Tradingview)

Should the bullish trend continue, the IMX token could challenge the 78.6% Fibonacci retracement level, with the potential to breach the key resistance at approximately $2.887. A successful breach of this zone could signal a robust bullish momentum, potentially driving the price toward the bull’s target.

Conversely, if the IMX token experiences bearish pressure and breaks below its current support level, it could find support at the $2.00 mark. Should it breach this level as well, it likely indicates a strong bearish sentiment, potentially driving the token’s price down to April’s lows, aligning with the bears’ target.

IMX/USD 4-Hour Chart (Source: Tradingview)

Technically, the MACD indicator supports a bullish outlook as it ascends above the zero line, currently positioned at 0.0781 and above the signal line. This alignment suggests that the bullish sentiment could continue in the near term. Additionally, the widening green bars on the MACD’s histogram indicate that buyers are exerting increased control, pushing the price higher.

However, the RSI indicator shows signs of potential reversal. Originating from the overbought region and trending downward, it suggests that investors might be taking profits as the price reaches a peak.

Overall, the outlook for IMX remains uncertain. While technical indicators suggest continued bullish momentum, the decrease in trading volume and the RSI’s trend point towards a potential correction.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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