Weekly Chart Analysis: ImmutableX's IMX Token Exhibits Potential for Continued Growth?
🚀 ImmutableX soars high!
Bitcoin's latest surge paved the way for a capital rotation, and guess who's in the spotlight? That's right, GameFi, DeFi, and Layer 2 tokens, but let's focus on the shining star – ImmutableX's IMX token! This bad boy rallied an impressive 10% before gently sliding back, but don't worry; it still poured over 5% weekly gains.
Why you might ask? Well, ImmutableX's Immutable chain tackles the scalability and cost issues the Ethereum blockchain is struggling with. IMX posted a whopping 30% gain in the past month and currently hovers around a crucial resistance at $0.70.
IMX Price Analysis
IMX is riding the bullish waves on several timelines. Both the daily and weekly charts show off IMX's robust bullish momentum. The IMX/USDT daily chart reveals the gaming token is 12% shy of its closest resistance at $0.70.
Role players:
- Closest resistance: $0.70 ( labeled R1 )
- Key resistance: $0.78 (R2)
- Support: $0.50
📈 Momentum indicators like the RSI and MACD support a buoyant outlook for the IMX token. The RSI, as of now, clocks in at 61, far from the "overbought" zone that starts at 70. MACD flashes bright green histogram bars above the neutral line, promising an underlying bullish momentum in IMX's price trend.
The IMX/USDT 12-hour chart hints at a possible weekend correction for the gaming token. MACD flashes red bars under the neutral line, but don't fret, the closest supports for IMX are $0.55 and $0.50.
The weekly chart mirrors the daily one, RSI continues to inch upward, MACD is flashing a green histogram bar after consecutive red bars. IMX carries an overall positive momentum on the weekly timeframe.
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IMX Price PredictionIf the IMX bullish momentum keeps rolling, get ready for a price test on resistance labeled R2 at $0.785 on the daily timeframe. Currently, IMX trades at $0.627, just a stone's throw from the $0.70 resistance.
With a nearly 12% rally, IMX might touch R1 at $0.70. The lower boundary of the Fair Value Gap at $0.508 serves as a significant support for IMX. This level could come into play if there's a flash crash or a correction in IMX.
📈 RSI and MACD support a bullish stance for ImmutableX's native token, so prepare yourself for more gains in the coming week. Resources on the sidelines should watch for a correction under $0.60 to seize the opportunity to buy the dip.
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IMX On-chain and Sentiment Analysis
Santiment's on-chain data shows that the total number of IMX holders has seen steady growth between February 25 and May 2, climbing to 94,300. The total open interest recorded a significant positive spike on May 2 before taking a breather. Open Interest reached a high volume of $30.49 million, a notable mark for a gaming token.
🐳 Whale transactions valued at $1 million or more have seen a downturn, following a series of spikes.
😴 The Crypto Fear & Greed Index on Alternative.me reads "Greed," a significant shift from the "extreme fear" sentiment in previous months. The indicator's value lingered between 65 and 67 last week and at the time of writing.
💥 Catalysts propelling gains in IMX token:
- 🎮 Web3 gaming engagement climbed in Q1 2025 after a slowdown in the last quarter of 2024. This uptick in user activity, interest in games, and user engagement caused the prices of native tokens on gaming blockchain platforms to surge.
- The ImmutableX IMX token rallied 10% before gently sliding back, but still poured over 5% weekly gains, making it the shining star in the current capital rotation, focus being on GameFi, DeFi, and Layer 2 tokens.
- Bitcoin's latest surge paved the way for ImmutableX's IMX token, which posted a whopping 30% gain in the past month and currently hovers around a crucial resistance at $0.70.
- The IMX/USDT daily chart reveals the gaming token is 12% shy of its closest resistance at $0.70, with support at $0.50.
- Momentum indicators like the RSI and MACD support a buoyant outlook for the IMX token, with the RSI at 61, not in the "overbought" zone, and MACD flashing green histogram bars.
- The weekly chart mirrors the daily one, RSI continues to inch upward, and IMX carries an overall positive momentum.
- eToro is rumored to be eyeing a US IPO next week following a Trump-induced market rollercoaster.
- Senator Lummis revealed that Trump allegedly supports a 1M Bitcoin strategic reserve bill.
- Santiment's on-chain data shows that the total number of IMX holders has seen steady growth, and open interest reached a high volume of $30.49 million, a notable mark for a gaming token, with the Crypto Fear & Greed Index reading "Greed." Web3 gaming engagement climbed in Q1 2025 after a slowdown in the last quarter of 2024, causing the prices of native tokens on gaming blockchain platforms to surge.
