IMX: To the Moon or Back to Zero? 🚀

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So, Immutable [IMX], whatever that is, is having a bit of a moment. As of, well, just now, it was up 9.50%, wobbling around at $0.293. Which, let’s be honest, is still a price that requires a calculator and a deep breath. 😮

Apparently, this little spike has stirred some excitement in the crypto world – a realm where excitement often precedes spectacular disappointment. Trading volume has jumped a rather dramatic 65% to $35.48 million. That’s a lot of clicking. A lot.

The general gist, if you can decipher it, is that people think it might go up. Shocking, I know. Both traders and investors are piling in, presumably hoping to strike it rich or, at least, break even.

IMX price action and key level to watch 

Now, some clever folks at AMBCrypto (who get paid to look at charts, seriously) have declared that the price action resembles something called a “bullish cup-and-handle pattern.” Honestly, it sounds like a fancy cocktail order. But, apparently, if it breaches the $0.30 mark, a glorious 16% rally to $0.351 could ensue. It’s all very precise, assuming the market behaves itself, and we all know how reliable that is. 🙄

Of course, if it doesn’t break through that $0.30 barrier, well, history has a nasty habit of repeating itself, and the price could promptly nose-dive. Because, naturally. It’s crypto.

It has managed to climb above the 50-day Exponential Moving Average, which, according to the experts, is a good sign. Though honestly, “Exponential Moving Average” just sounds like something you’d get from eating too much takeout.

However, the Average Directional Index (ADX) is being a bit of a party pooper, sitting at a measly 21.17 – well below the key 25. Apparently, this means the “directional momentum” is “weak.” Which, translated from analyst-speak, means “don’t get your hopes up.”🤦‍♀️

Are IMX traders turning bullish?

Turns out, all these hopeful speculators on CoinGlass are apparently betting big on things going up, with way more cash sloshing around in long positions than short ones. Makes sense I suppose, no one wants to bet against the hype.

Currently, $0.276 and $0.30 are the hot spots. Over the last 24 hours, $384.44K has been wagered on it going up and a slightly-less-enthusiastic $305.85K on it going down. It all boils down to a collective shrug and a “let’s see what happens” attitude.

And, yes, $0.30 remains a stubborn opponent.

Final Thoughts

  • IMX has inched up 9.50%, offering a glimmer of hope for a 16% rally, although it’s currently bumping up against a wall.
  • Don’t let the bullish murmurs fool you; the ADX suggests this rally might be lacking the necessary oomph.

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2026-01-18 03:08