Weekly Chart Focus: Anticipation Surrounds ImmutableX's IMX Token, Possible Price surge Ahead?
Going for Glory: ImmutableX IMX Token Soars Ahead in Gaming, DeFi, and Layer 2 Space
Optimism is brewing in the crypto world as Bitcoin strikes $97,000, triggering a shift towards GameFi, DeFi, and Layer 2 tokens. ImmutableX's IMX token is leading the pack this week, making headway with impressive double-digit gains on Friday.
The IMX token, native to the gaming platform ImmutableX, snatched a 10% rally before pulling back at week's end, ending the week up by over 5%. ImmutableX addresses the scalability and cost issues of the Ethereum blockchain, and in the past month, IMX has seen a surge of over 30%, hovering around the key resistance level of $0.70.
ImmutableX Price Outlook
According to the daily and weekly price charts, ImmutableX shows a bullish trend for the IMX token. The IMX/USDT daily price chart presents the gaming token sitting 12% below its closest resistance level at $0.70. Another key resistance level is $0.78, known as R2, on the daily timeframe. Support is at $0.50.
Momentum indicators like RSI and MACD support the bullish hypothesis for the IMX token. The RSI currently reads 61, climbing higher and still under the "overbought" zone that starts at 70. MACD flashes green histogram bars above the neutral line, signaling a positive trend for the IMX price.
The IMX/USDT 12-hour price chart suggests a possible correction in the gaming token over the weekend. MACD appears as red histogram bars under the neutral line, and support levels for the gaming token lie at $0.55 and $0.50. However, the weekly price chart mirrors the daily chart, with the RSI trending upward and MACD flashing a green histogram bar following consecutive red histogram bars. The weekly timeframe shows an ongoing positive trend for IMX.
IMX Predictions
If the bullish momentum for the IMX token maintains, the price could challenge the resistance labeled R2 on the daily timeframe at $0.785. The current price of IMX is around $0.627, close to the $0.70 resistance. A rally of nearly 12% could push the price to test the R1 level at $0.70. When faced with a flash crash or corrections, the lower boundary of the Fair Value Gap at $0.508 serves as a crucial support for the gaming token.
eToro Sets Sights on US IPO next Week after Trump-related Volatility
With an upward trend in the IMX token, eToro anticipates an upcoming US IPO next week, following the instability brought on by Trump-related developments.
On-Chain and Sentiment Analysis
Based on on-chain data intelligence provided by Santiment, the number of IMX holders has been steadily growing between February 25 and May 2, now standing at 94,300. Total open interest recorded a spike on May 2 before receding, reaching a high volume of open contracts for a gaming token of $30.49 million. Whale transactions valued at $1 million and higher are down after repeated surges in counts.
The Crypto Fear & Greed Index on Alternative.me indicates a shift from "extreme fear" to "Greed" among investors, with the indicator's value fluctuating between 65 and 67 last week. As market sentiment becomes more bullish, investor sentiment is gradually improving.
Factors Driving Gains in the IMX Token
Increased web3 gaming engagement in Q1 2025 contributed to the rally in native tokens of gaming blockchain platforms. Although NFTs may have lost relevance during the market downturn, projects like Pudgy Penguins have remained resilient. IMX announced plans to merge its chain with the zero-knowledge Immutable zkEVM chain to form the Immutable Chain, providing a significant catalyst for the token's price rally. The consistent demand across exchange platforms driven by the rising number of token holders supports further gains for the web3 gaming token.
Insights from Messari's "State of ImmutableX Q1 2025" Report
- IMX noted a 5.7% quarter-over-quarter rise in average daily transactions, showcasing network activity resilience despite a slowdown on competing platforms.
- NFT sales volume saw a 1.6% quarter-over-quarter decline, but the drop was modest when compared to competitors.
- The potential merger into the Immutable Chain could act as a key catalyst for growth in the final quarter of 2025. Upcoming titles like Immortal Rising 2 and MARBLEX's releases are also anticipating positive impacts.
- SEC investigations into Immutable have recently been concluded without any enforcement action, likely easing potential regulatory hurdles for the gaming token in 2025.
Remember, the content provided here does not offer investment advice. Always conduct thorough research before making any investment decisions.
This find does not constitute investment advice and should not be taken as such. Always conduct intensive research before making any investment decisions.
- The IMX token, native to the gaming platform ImmutableX, has witnessed a significant surge of over 30% in the past month, driven by GameFi, DeFi, and Layer 2 space.
- According to the daily and weekly price charts, ImmutableX shows a bullish trend for the IMX token, with support at $0.50 and resistance levels at $0.70 and $0.78.
- Momentum indicators like RSI and MACD support the bullish hypothesis for the IMX token, with the RSI currently reading 61 and MACD flashing green histogram bars above the neutral line.
- The IMX/USDT 12-hour price chart suggests a possible correction in the gaming token over the weekend, while the weekly price chart shows an ongoing positive trend for IMX.
- eToro anticipates an upcoming US IPO next week, following the instability brought on by Trump-related developments, as the IMX token maintains an upward trend.
- Factors driving gains in the IMX token include increased web3 gaming engagement, the potential merger into the Immutable Chain, and the consistent demand across exchange platforms driven by the rising number of token holders. Positive impacts are also anticipated from upcoming titles like Immortal Rising 2 and MARBLEX's releases.
