Weekly Chart Focus: Will the surge in ImmutableX's IMX token continue?
Cryptocurrency Outlook:
Bitcoin's breakthrough surpassing $97,000 has fueled investor optimism, pushing capital towards GameFi, DeFi, and Layer 2 tokens. One such token making waves is ImmutableX's IMX, recording double-digit gains and hovering around key resistance at $0.70.
ImmutableX Price Analysis:
ImmutableX's IMX token is on a bullish run, with daily and weekly price charts showing its underlying momentum. The token is 12% below its closest resistance level at $0.70 on the daily price chart, and projects could push it to test R1 at $0.70 or R2 at $0.785 if the bullish momentum continues.
On the other hand, a potential correction over the weekend could see support at $0.55 and $0.50 on the 12-hour price chart. MACD indicators suggest an underlying bullish momentum in IMX trend.
eToro Gearing up for US IPO:
eToro is aiming for a US IPO next week, following periods of market volatility caused by former President Trump.
IMX Price Prediction:
If the IMX token's bullish momentum sustains, traders should expect further gains. A flash crash or correction could potentially push the token down to the $0.508 support level.
Senator Lummis Supports 1M Bitcoin Bill:
Senator Cynthia Lummis revealed that Trump supports a bill that aims to create a 1 million Bitcoin strategic reserve.
IMX On-chain and Sentiment Analysis:
According to Santiment, the number of IMX holders has been steadily increasing since February 25. Open Interest recorded a large positive spike on May 2 before receding, and the total count of whale transactions has decreased. The Crypto Fear & Greed Index shows a shift from "extreme fear" to "greed" among market participants.
Catalysts for IMX Gains:
Boosted web3 gaming engagement, the announcement of merging into the Immutable zkEVM chain, a rise in token holders, and the closing of the SEC investigation are some factors driving gains in IMX.
GameFi Market Insights:
Messari's "State of ImmutableX Q1 2025" report indicates that the average daily transactions on IMX climbed 5.7% Quarter-over-Quarter. The platform noted a 55.3% increase in NFT sales during Q1, while its competitors saw declines. The upcoming development of IMX's merge into the Immutable Chain and the release of new games like Immortal Rising 2 and MARBLEX may act as key catalysts for the platform.
Disclaimer: This article does not represent investment advice. Its content and materials are intended for educational purposes only.
- The surge of Bitcoin beyond $97,000 has witnesseds increased capital flow towards GameFi, DeFi, and Layer 2 tokens, notably ImmutableX's IMX.
- ImmutableX's IMX token, currently 12% below its closest resistance level at $0.70, is experiencing a bullish run on both daily and weekly price charts.
- The potential for continued bullish momentum in IMX could see the token testing resistance levels at either $0.70 or $0.785, as projected on the price charts.
- A potential correction over the weekend could possibly offer Support at $0.55 and $0.50 on the 12-hour price chart, according to MACD indicators.
- eToro, aiming for a US IPO next week, has been preparing themselves following periods of market volatility caused by former President Trump.
- If the IMX token's bullish momentum persists, traders can anticipate further gains; however, a flash crash or correction could potentially push the token down to the $0.508 support level.
- Senator Cynthia Lummis recently revealed that former President Trump supports a bill that aims to create a 1 million Bitcoin strategic reserve.
- The increase in IMX holders since February 25, large positive spikes in Open Interest, decreased whale transactions, and a shift from "extreme fear" to "greed" in the Crypto Fear & Greed Index are factors contributing to the gains in IMX, as per Santiment's on-chain and sentiment analysis. The upcoming development of IMX's merge into the Immutable Chain and the release of new games like Immortal Rising 2 and MARBLEX might act as significant catalysts for the platform, according to Messari's "State of ImmutableX Q1 2025" report.
