Immutable X (IMX) Price Prediction – When will IMX hit $10? - Paste text,images,html and share with anyone

Last Updated on June 3, 2024 by TOP FOREX BROKERS REVIEW

ImmutableX’s native token, IMX, shook the cryptocurrency market last week with a 24% surge. During Asian trading hours last Thursday, this unexpected rally propelled IMX to a price of 76 cents, drawing the attention of cryptocurrency enthusiasts and speculators worldwide.

Remarkably, this surge was predominantly driven by South Korean investors and traders, setting IMX apart from Bitcoin (BTC) and Ethereum (ETH).

The IMX price increase was accompanied by a significant 22% increase in its 24-hour global trading volume, which reached an impressive $556 million. Coingecko reported that the IMX/KRW trading pair on a South Korean exchange accounted for nearly 20% of all global trading activity, while the IMX/USDT trading pair on Binance contributed 7% to the overall volume.

Adding to this exciting development, IMX was recently listed on Coincheck, the foremost cryptocurrency exchange in Japan.

Should you invest in the Immutable X token (IMX)?

Let’s see the upcoming price direction from the IMX/USDT technical analysis:

IMX/USDT Formed A Descending Channel Breakout

On the weekly chart, a seven consecutive weekly loss was rebounded with a bullish hammer formation, which was continued with a massive bullish candle. However, any bullish trend continuation momentum should continue after a correction. For IMX/USDT, the current buying pressure might extend after a solid recovery.

In the daily chart, the recent sell-side liquidity grab and bullish break of the structure are seen from the 0.5354 swing low, which is the bottom of the current tradable range. On the upside, a similar pattern came from the 0.7607 level, which will be the top of the current tradable range. As the current price is trading at the discounted zone of the tradable range, we may expect the bullish momentum to extend in the coming days.

The higher timeframe’s direction is also visible from the volume structure, where the current high volume level since 28 July is at dynamic 20 EMA support. However, another high volume level since the 11 September bottom is above the current price, which suggests an active bear presence in the market.

The indicator window shows the buying pressure to be extreme as the current RSI is at an overbought 70.00 level.

Based on the current daily outlook, their broader outlook is corrective, and the price is likely to increase after completing the downside correction. There are two points of interest areas from where a bullish rejection may offer a trend trading opportunity. Investors should monitor how the price reacts in the 0.5660 to 0.4800 area before finding a bullish opportunity.

IMX/USDT Ichimoku Cloud Analysis

In the h4 chart, the bullish trend continuation opportunity is solid as a stable price above the Kumo Cloud area is visible. The price made a base at the 0.5306 support level, from where an impulsive bullish trend has appeared. As the current price hovers at the discounted zone from the existing swing, we may expect bulls to regain momentum after forming a valid price action.

In the indicator window, the stable trend is also visible from the ADX indicator, which is stable above the 20.00 line.

Based on the H4 chart, we may expect the price to come down towards dynamic Kumo Cloud support from where any bullish rebound above the Kijun Sen level could offer a long opportunity.

On the other hand, a counter-impulsive bearish pressure with a bearish H4 candle below the Kumo Cloud and 0.5200 static level could eliminate the buying possibility and lower the price towards the 0.4800 support level.

IMX/USDT Intraday Price Action Analysis

In the H4 chart, the current price is trading with downside pressure after making a solid top at the 0.7686 level. Moreover, the visible range high volume level is above the current price, while the bearish pressure is potent from an H4 candle below the dynamic 20 EMA level. In that case, a bearish trend continuation is potent as long as the price trades below the visible range high volume level.

However, the bullish break above the flat dynamic weekly VWAP level, with a stable market above it, could initiate a strong bullish trend.

However, a deeper discount is possible if the price comes below the 0.5306 level and forms a bearish H4 close. In that case, the bearish trend continuation could lower the price towards the 0.4500 psychological level in the coming days.

Is IMX/USDT A Buy?

Based on the current analysis of IMX/USDT, the broader outlook is corrective, where investors should find additional bullish signals before opening a long trade. However, investors should monitor how the price reacts on H4 and H1 critical areas, from where a high probable bullish opportunity may come.