Over 50% surge in IMX price today explained here
Hop on the cryptocurrency train as Immutable X's token surged an impressive 56% today, all thanks to a whiff of a mind-blowing partnership, coupled with Bitcoin's impressive upward momentum!
Dive into the world of gaming and NFTs with Immutable X, a Layer-2 network that's been setting the stage ablaze. On April 23rd, this energy drink welcomed a peak of $0.687, skyrocketing over 100% from its lowest point this month. The market cap for this powerhouse took off, reaching approximately $1.16 billion, with trading volume soaring by a staggering 760% to a whopping $432 million - a sign of an ecstatic buying spree!
The exponential growth in IMX's value isn't just a lone dance; it's been synchronized to a sharp increase in trading activity in its derivatives market. According to CoinGlass, open interest surged an astounding 96% overnight, reaching a whopping $54.4 million – a clear indication of new traders getting an action on those sweet, sweet positions!
While you might be thinking, "Open interest involves both longs and shorts, right?" you're absolutely on the money, my friend. However, the escalating price suggests that the majority of gamblers are probably placing bullish bets, hoping that the party will keep on rockin'!
The party started popping when Immutable's co-founder, Robbie Ferguson, casually mentioned a "multibillion-dollar" partnership that's allegedly been baking in the oven for two years. The hint of this major collaboration was all it took for investors to start frothing at the mouth, dreaming of even crazier swoonings once the deets drop!
While the details on this tasty morsel are still under lock and key, one thing's for sure - if history repeats itself, IMX's price will undoubtedly swell with joy once the cat is out of the bag!
IMX's price rally is part of a larger ripple effect sweeping across gaming-related tokens. Powerhouses like Gala, The Sandbox, Axie Infinity, and SuperVerse have been adding their own blend to the mix, all experiencing growth between 5% and 20%.
While the applause continues for IMX's recent rally, Bitcoin's strong comeback can't be ignored. This digital gold nugget has shown off its muscle, rallying a whopping 6% over the past 24 hours to nearly $94,000 today, and lifting the total crypto market cap back above the impressive $3 trillion mark.
The positive vibes don't stop there! U.S. Treasury Secretary, Scott Bessent, is hinting that trade tensions with China might soon ease, and Paul Atkins's confirmation as the new SEC chair has sent waves of optimism throughout the crypto sector. Many are tipping their tamales to expect a game-changing shift towards more accommodating regulatory policies on the horizon.
Finally, if you were worried that Immutable's NFT ecosystem was on its last legs, let me flick some cold water on your face! According to CryptoSlam, NFT sales on the network have risen by 2.4% over the past 30 days to $24.6 million, while the number of active buyers and sellers has skyrocketed by over 50%!
Let's get technical! 🕵️♀️
On the daily chart, IMX is currently trading above its 50-day moving average, hinting that the strong hands are starting to take control.
The MACD lines are pointing north, indicating that momentum is building, although they're still below the zero line – could we be about to witness a bullish reversal?
Score one more for the bulls, thanks to the Supertrend indicator flipping green – a clear sign that the trend could flip in the bulls' favor.
With this set-up, IMX could soon challenge the significant psychological level of $1, if it breaks above and holds that as support. Once it breaks through that barrier, there's a strong chance it could rally toward $1.6, a tantalizing new resistance zone.
Analysts are echoing a similar sentiment, highlighting that IMX has recently broken out of a descending broadening wedge – a pattern recognized for hinting at a bullish smash-up[1]. If this breakout holds, they predict that IMX could potentially double in value from the breakout point.
However, due to the secrecy surrounding the potential mega partnership, the specifics of the situation remain a mystery. Keep your eyes peeled for those jaw-dropping details as they become available!
Disclaimer: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
- Jump aboard the crypto bandwagon as Immutable X's token soared an impressive 56%, all thanks to a whiff of a mind-blowing partnership and Bitcoin's upward momentum.
- Immerse yourself in the world of gaming and NFTs with Immutable X, a Layer-2 network that's been setting the stage ablaze.
- On April 23rd, Immutable X peaked at $0.687, a significant increase of over 100% from its lowest point this month.
- The market cap for this powerhouse reached approximately $1.16 billion, with trading volume soaring by a staggering 760% to a whopping $432 million.
- Open interest in Immutable X's derivatives market surged an astounding 96% overnight, reaching a whopping $54.4 million.
- The majority of gamblers are probably placing bullish bets on Immutable X, hoping that the positive trend will continue.
- Bitcoin has also shown strength, rallying 6% over the past 24 hours to nearly $94,000, helping lift the total crypto market cap back above the $3 trillion mark.
- Analysts are optimistic about Immutable X's future, predicting that it could potentially double in value if it breaks out of a recognized bullish pattern and the rumored partnership details are announced.
