Immutable Traders Bet on Long Positions as IMX Approaches $0.30

As the cryptocurrency market makes a recovery, Immutable (IMX) has captured the interest of many traders. Currently, IMX has seen an increase of 9.50%, trading at $0.293. This rise has sparked optimism for additional gains, bolstered by heightened market activity. The trading volume has surged by 65% to $35.48 million, indicating robust participation from traders. This combination of rising prices and increased volume points to strong backing for IMX's upward trend.

Key Takeaways

IMX has risen by 9.50%, currently priced at $0.293.
Trading volume has increased by 65% to $35.48 million, indicating strong market interest.
A bullish cup-and-handle pattern has formed, signaling potential for a further 16% rise if the price breaks above $0.30.
$0.30 is identified as a key resistance level, with $0.276 noted as a support level.
The sentiment among intraday traders is bullish, as evidenced by the preference for long positions.

IMX forms bullish cup-and-handle, 16% rally on the cards?

Traders are increasingly optimistic about Immutable (IMX) as it approaches the $0.30 mark. A recent 9.50% price increase has formed a bullish cup-and-handle pattern, suggesting potential further gains. Key levels to monitor include $0.276 on the downside and $0.30 on the upside. Strong bullish sentiment is reflected in traders' long positions, despite IMX facing resistance at the $0.30 level. Technical indicators suggest a cautious yet optimistic outlook for IMX.

IMX Price Action and Key Levels to Watch

AMBCrypto's technical analysis on the daily chart reveals that today’s 9.50% gain in IMX has successfully created a bullish cup-and-handle pattern, suggesting that we might be on the brink of a breakout.

Immutable (IMX) price action

Source: TradingView

If the upward momentum continues and IMX breaks above the neckline at the $0.30 level, it could potentially initiate a further rally of around 16% towards $0.351 in the coming days. For this bullish scenario to remain valid, IMX must clear this neckline; otherwise, there is a risk of price reversal, which has occurred historically.

The price is currently above the 50-day Exponential Moving Average (EMA), indicating a shift towards a short-term uptrend, which is a positive sign for IMX investors. However, the momentum indicator known as the Average Directional Index (ADX) is at 21.17—below the critical level of 25—indicating a lack of strong directional momentum.

Are IMX Traders Turning Bullish?

In addition to the price movement, data from the derivatives platform CoinGlass shows that intraday traders are aligning with the current bullish trend. The IMX Exchange Liquidation Map indicates a preference for long-leveraged positions, which continue to increase relative to short-leveraged positions.

IMX Exchange Liquidation Map

Source: CoinGlass

As of now, two key levels are drawing significant trader interest: $0.276 on the downside and $0.30 on the upside. Over the past 24 hours, traders have established $384.44K in long positions compared to $305.85K in short positions. This activity suggests a bullish sentiment among short-term traders, although $0.30 remains a formidable resistance level.

Final Thoughts

As Immutable (IMX) strives to break the $0.30 resistance, the current bullish momentum and increased trading activity signal an optimistic outlook for traders. However, monitoring these key levels will be critical to understanding the future direction of IMX's price.