Immutable (IMX) Breaks Out, Daily Gains Hit 15% With Traders Eyeing $0.70

By: beincrypto|2025/05/02 11:15:01
0
Share
copy
Immutable’s utility token, IMX, is today’s top-performing altcoin, climbing nearly 15% over the past 24 hours. As of this writing, the altcoin trades at $0.64.On-chain data points to a resurgence in bullish sentiment, suggesting that the rally may have legs in the short term. This analysis explains how. IMX Traders Go Long and Network Activity Supports the ClimbIMX’s long/short ratio has risen above 1, indicating that many market participants are opening long positions in anticipation of continued upside. According to Coinglass, this currently stands at 1.004. IMX Long/Short Ratio. Source: CoinglassThe long/short ratio measures the proportion of bullish (long) positions to bearish (short) positions in the market. When the ratio is below one, more traders are betting on a price decline than on a price increase.Converesly, as with IMX, a ratio above one means there are more long positions than short ones. This suggests bullish sentiment, with most traders expecting the asset’s value to rise.IMX’s price daily active address (DAA) divergence, which remains positive, further strengthens the bullish case. This metric, which measures an asset’s price movements with the changes in its number of daily active addresses, is currently at 63.22%.IMX Price DAA Divergence. Source: SantimentWhen an asset’s price rally is accompanied by a positive DAA divergence, it is considered a bullish signal, suggesting growing interest and the potential for further price appreciation. This reflects that IMX’s recent price hike is supported by sufficient user activity on the network rather than driven solely by speculative trading.IMX Price Outlook StrengthensOn the daily chart, the setup of IMX’s Moving Average Convergence Divergence (MACD) supports the bullish outlook above. At press time, IMX’s MACD line (blue) rests above its signal (orange) and zero lines.An asset’s MACD indicator identifies trends and momentum in its price movement. It helps traders spot potential buy or sell signals through crossovers between the MACD and signal lines. When the MACD line is above the signal line, buying activity dominates the market, hinting at further price rallies. If this holds for IMX and the token maintains its uptrend, it could break above the resistance at $0.73 and climb to $0.79.IMX Price Analysis. Source: TradingViewOn the other hand, if sellers regain market control, they could drive IMX’s value down to $0.55. The post Immutable (IMX) Breaks Out, Daily Gains Hit 15% With Traders Eyeing $0.70 appeared first on BeInCrypto.

You may also like

The cryptocurrency industry has become a traditional industry

For entrepreneurs and retail investors still in this industry, they should either embrace the current changes or explore the next unpredictable field in cryptocurrency.

Chip frenzy cooling down? Morgan Stanley's Wilson: Funds are shifting towards AI supercomputing giants like Microsoft and Amazon

Morgan Stanley's chief equity strategist Wilson pointed out that the momentum in the semiconductor sector is waning, with the Philadelphia Semiconductor Index having dropped nearly 14% from its peak. Funds are shifting towards AI supercomputing giants like Microsoft, Amazon, and Meta, as well as sec...

$10,000 in TRUMP Token vs. $10,000 in Nasdaq: The "Trump Trade" That Actually Worked in 2026

TRUMP Token lost more than 96% after its launch, while Nasdaq stocks and NVIDIA delivered strong gains. Compare what happened to a $10,000 investment and explore why asset fundamentals matter more than market hype.

Morning Report | Vitalik outlines Ethereum's long-term roadmap, Lean Ethereum will become the third major iteration; SK Hynix seeks to attract more AI investors by listing in the U.S

July 5 Market Important Events Overview

The impact of OUSD on Circle, Tether, and Paxos: not a single negative factor, but a more complex reshaping of competition

OUSD will not be the last new competitor; Circle needs to respond more actively in terms of products, distribution, and ecosystem collaboration.

Li Feifei's latest long article: When video generation, robots, and NVIDIA all claim to be world models, we need a taxonomy

Language gives machines a way to talk about the world. The world model is the means by which machines ultimately understand, imagine, reason, and interact with it.

Popular coins

Latest Crypto News

Read more
iconiconiconiconiconiconicon
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com