Unchangeable X -Token today collected as high as 56%, driven by Buzz around a potentially mega partnership and the strong upward momentum of Bitcoin.
According to data from crypto.news Immutable X (IMX), a Layer-2 network aimed at Gaming and NFTs, has risen to an intraday high from $ 0.687 to 23 April, almost 100% higher than the lowest level this month. Market capitalization has risen to around $ 1.16 billion, and the trade volume has exploded by more than 760% to $ 432 million, indicating a wave of new buying activity.
The price rally was supported by a sharp rise in trading activity in the IMX’s derivatives market. According to For Coinglass, the open interest rate of the night rose by 96% to $ 54.4 million, indicating a wave of new positions.
Although open interest rates both lungs and shorts, the rising price suggests that the majority of traders are probably gambling upside down.
The hype began to build after unchanging co-founder Robbie Ferguson plagued A ‘Multibillion-Dollar’ partnership that apparently has been in the making for two years.
Although details are still under wraps, only the hint of a large partnership was sufficient to stack investors, in the hope of even greater price movements as soon as the news drops.
The recent meeting of IMX is part of a broader increase in gaming-related tokens, with coins such as Gala (Gala), Sandbox (Sand), Axie Infinity (AXS) and super-fresh (super) living between 5% and 20%. This increase is against the background of the 6% rally from Bitcoin (BTC) in the last 24 hours to almost $ 94,000 today, which has helped to increase the total crypto market capitalization above $ 3 trillion.
A supporting macro background contributes to optimism. US Treasury Secretary Scott Bessent recently hinted that the tariff tensions with China could soon relieve. In the meantime, the confirmation by Paul Atkins as the new SEC chairman has lifted sentiment about the crypto sector, with many who anticipate a shift to more accommodating regulatory policy.
Finally, the NFT ecosystem of immutable signs of recovery shows. According to Cryptoslam factsNFT turnover on the network has risen by 2.4% to $ 24.6 million in the last 30 days, while the number of active buyers and sellers rose by more than 50%.
IMX -Price analysis
In the daily graph, IMX now acts above its 50-day advancing average, a sign that buyers are starting to take control.
The MacD lines also point up, which shows that the momentum is building, even though they are still under the zero line. That usually means that there can be a bullish reversal on the road.
As an addition, the Supertrend indicator is turned around, which is another bullish signal that suggests that the trend could shift in favor of the bulls.
With this setup, IMX could soon test the most important psychological level at $ 1 if it breaks above and that is support, there is a good chance that it could gather to $ 1.6, which is the next major resistance zone.
Analysts reflect a similar prospect, embraceTEntrance From that IMX was recently broken from a falling widerwig, a pattern that often refers to a strong upward movement. If this breakout applies, they believe that IMX could possibly double in value from the point that broke out.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
