Immutable X Token Soars Amid speculation of Major Partnership
Immutable X (IMX) token experienced a massive surge today, climbing as high as 56%.The rally was fueled by rumors of a potential billion-dollar partnership and bitcoin’s upward trend.
Data from crypto.news shows IMX reached an intraday high of $0.687 on April 23. This marks a nearly 100% increase from it’s lowest point this month. The token’s market cap now stands at around $1.16 billion,with trading volume spiking by over 760% to $432 million.
The surge in IMX’s derivatives market also contributed to the price hike. CoinGlass reports that open interest jumped 96% overnight to $54.4 million, indicating new positions being taken.
Immutable co-founder Robbie ferguson hinted at a “multibillion-dollar” partnership that has been in the works for two years. This speculation has drawn in investors, hoping for further price increases.
IMX’s rise is part of a broader trend in gaming-related tokens. Coins like gala (GALA), Sandbox (SAND), Axie Infinity (AXS), and SuperVerse (SUPER) have gained between 5% and 20%.
Bitcoin’s 6% rally to nearly $94,000 has also boosted the crypto market. A supportive macro environment, including easing tariff tensions with China and a new SEC chair, has added to the optimism.
Immutable’s NFT ecosystem is showing signs of recovery. NFT sales on the network rose 2.4% over the past 30 days to $24.6 million, with active buyers and sellers increasing by over 50%.
On the daily chart, IMX is trading above its 50-day moving average, with the MACD lines pointing upward. The Supertrend indicator has also turned green, suggesting a bullish trend. Analysts believe IMX could possibly double in value if the current breakout holds.
