• ImmutableX (IMX) network has recently experienced a surge in on-chain activities with a 1022% increase in 24-hour traded volume for IMX token.
• The IMX price appears to be on the verge of breaking out from a year-long consolidation following the bear market of the previous year, backed by bullish chart patterns.
• Bullish digital asset analyst Crypto Tony has suggested that the ImmutableX IMX price action is well-positioned for further rallies in the upcoming weeks, following a recent breakout.
ImmutableX (IMX) Network Sees Explosive Growth
The ImmutableX (IMX) network, a rapidly expanding layer two scaling solution for Non-Fungible Tokens (NFTs) on the Ethereum network, has recently experienced a surge in on-chain activities. As per our latest crypto price oracles, the IMX token’s 24-hour traded volume reached an astounding $158,141,072, representing an increase of over 1022 percent. Concurrently, the IMX token has soared by 10 percent in the past 24 hours, reaching around 80 cents on Friday.
Promise of Breaking Out Following Year-Long Consolidation
Cryptocurrency experts are optimistic about the IMX token’s price as it appears to be on the verge of breaking out from a year-long consolidation following the bear market of the previous year. Notably, the IMX price has formed a head and shoulder (H&S) pattern on the weekly time frame accompanied by a rising divergence of Relative Strength Index (RSI).
Analysis By Crypto Tony
Bullish digital asset analyst Crypto Tony has provided trade setup suggesting that Immutablex’s IMX’s price action is well poised for further rallies in coming weeks after recent breakout. For ideal entry point into IMX market he emphasized importance of bulls flipping resistance level at 83 cents into support level to confirm continuation of uptrend. Encouragingly token already found considerable support around 70 cents leading analyst to believe that bulls are well motivated to drive further higher near future.
Crypto Tony warned potential pullbacks could occur even if bullish momentum prevails and recommended traders watch closely movements around 83 cent mark before entering long position if they choose do so . He concluded with reminder that while risk reward favorable now , never forget risks involved when trading cryptocurrencies .
The signs look promising for Immutable X as its 24 hour traded volume registered an impressive 1022 % increase while its prices surged by over 10%. With Crypto Tony providing strong analysis and trade setup it looks like investors should keep close eye movements around 83 cent mark before entering long positions given current favorable risk reward ratio however one must always remember risks associated with trading cryptocurrencies .