IMX Surges to Eight-Month High as Investors Shift Holdings
ImmutableX (IMX) token has soared again today,marking its fourth consecutive day of gains. It reached an impressive high of $0.86, reflecting growing investor confidence.
The price hike comes as more users move their IMX holdings away from exchanges. This trend is visible in the drop of the token’s supply on exchanges, reducing selling pressure and boosting prices.
Key factors driving IMX include a technical breakthrough and a new strategic partnership. On the weekly chart, IMX has broken through a double-bottom formation, signaling a potential bullish shift. Additionally, immutable partnered with Netmarble, enhancing its appeal in the gaming sector.
- IMX price surged 28%, hitting $0.95 before settling at $0.86.
- Daily trading volume doubled, indicating strong demand.
- Token supply on exchanges fell from 267 million to 253 million in September.
The partnership with Netmarble allows developers to tap into popular games like Solo Leveling: ARISE, expanding IMX’s utility. Analysts predict this could solidify Immutable’s position in mainstream gaming and increase token demand.
Technically, the IMX breakout from the double-bottom and falling wedge patterns suggests its transitioning from a downtrend to an uptrend. If it holds current levels, the price could aim for targets near $1.31 and even $2.70. If it dips below $0.82, this bullish outlook might change.
