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IMX Price Analysis: Bullish Setup Emerges Amid Increased Trading Volume
ImmutableX (IMX) has continued its impressive run, rallying for the fourth consecutive day as investors increasingly move their holdings off exchanges. The token soared 28% to an eight-month high of $0.95 before settling at $0.86 at the time of writing. These gains mark a remarkable turnaround, putting IMX nearly 100% above its monthly lows and 160% above its year-to-date low, highlighting a strong bullish momentum in the market.
Exchange Outflows Signal Strong Holder Commitment
Daily trading volume for IMX has doubled compared to the previous day, indicating robust demand among traders. Data from Nansen shows a significant reduction in token supply on exchanges, from 267 million at the beginning of September to around 253 million currently.
This trend of off-exchange holdings reduces the circulating supply of IMX, potentially lowering selling pressure while demonstrating the confidence of existing holders. Such dynamics often support price stability and can pave the way for sustained upward momentum.
Boost from Netmarble Partnership
Investor attention has intensified following Immutable’s recent announcement of a partnership with Netmarble, a leading South Korean mobile game developer and publisher. The collaboration allows developers building on ImmutableX to integrate with hit titles such as Solo Leveling: ARISE, Seven Knights, and Marvel Future Fight.
Through this partnership, developers gain access to new audiences, reward structures, and Netmarble’s global reach, which could significantly enhance the utility and adoption of the IMX token. Market experts believe this development may strengthen Immutable’s presence in the mainstream gaming sector, further driving demand for IMX.
Technical Analysis: Signs of a Bullish Reversal
On the weekly chart, IMX has confirmed a breakout from a double-bottom pattern forming since the beginning of the year. The breakout suggests that sellers may have lost control, marking the early stages of a potential bullish reversal.
Zooming out, IMX has also broken out from a multi-year falling wedge, a pattern characterized by lower highs and lower lows that converge over time. In technical analysis, such breakouts often signal a shift from a prolonged bearish trend to bullish momentum, reinforcing the possibility of further gains.
The current setup indicates that IMX is transitioning from a long-term downtrend into an uptrend. The critical factor now is whether the token can hold these breakout levels as support. If it does, this would strengthen the case that the rally is more than a short-term spike and could represent the foundation for a sustained reversal.
Price Targets and Key Levels
Based on the double-bottom breakout, the next likely target for IMX is $1.31, calculated by adding the depth of the double bottoms to the breakout level. Meanwhile, the falling wedge pattern sets a more ambitious target of $2.70, representing a potential 229% upside from the current price.
However, traders should monitor the $0.82 level, which serves as the neckline of the double bottom. A drop below this threshold could invalidate the bullish projection and signal a potential setback for the rally.
Market Sentiment and Outlook
Investor sentiment around IMX appears increasingly positive, fueled by the combination of strong technical setups, exchange outflows, and strategic partnerships. The market is watching closely to see if IMX can maintain its breakout levels, which would confirm the early stages of a broader trend reversal.
If the token continues to gain traction, both in terms of trading activity and integration within the gaming ecosystem, IMX could attract further institutional and retail interest, solidifying its position as a noteworthy asset in the crypto space.
[…] project’s native cryptocurrency, IMX, is an ERC-20 token that serves as the fuel for the ecosystem. The total supply is capped at 2 […]