Immutable X (IMX) has seen a decent market performance over the past 24 hours as its price saw a 16.73% pump. Its market cap also saw a 17.03% rise, while its trading volume saw a massive 145.92% increase. At press time, it is trading at $1.44.
Crypto Analyst “@JavonTM1” shed some light on IMX’s upward trend on X. He attributed this rise to a substantial price surge of nearly 378%.
The analyst mentioned that the target price of $4.91, set in a previous analysis, remains in play despite a recent pullback. He added that this pullback might support a further price increase, bringing renewed optimism to the IMX market.
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What you'll learn 👉
IMX’s Recent Price Action
The chart analysis indicated that Immutable X experienced a downtrend in 2022, followed by a price reversal in early 2023. This reversal marked the beginning of an upward trend that saw IMX make considerable gains.
However, the price surged by 378% toward the $4.91 target before experiencing a pullback. Despite the retracement, the price has managed to maintain a portion of its gains, leading to speculation about further bullish momentum.
Currently, IMX is trading at just over $1.4 with signs of consolidation and recovery. The consolidation phase suggests that the market may be preparing for its next upward move. This aligns with Marks’ analysis, which predicts a potential upside of 243% as the price gears up to retest the $4.91 target.
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Show more +IMX Chart Analysis: Technical Indicators Support Bullish Outlook
Technical indicators from the chart suggest that momentum is building for another bullish move. The Relative Strength Index (RSI) signals strength in IMX’s price action. Moreover, the price stabilizing after the pullback hints at the possibility of a strong recovery.
Image Source: X/JavonMarks
Marks believes that this consolidation, combined with rising momentum, could be the foundation for another price surge. With the $4.91 target still in sight, traders are keeping a close eye on how IMX behaves in the coming weeks.
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Immutable X’s Price Targets and Future Projections
Javon Marks’ projection of a 243% upside points toward the $4.91 price level. However, if IMX can break through key resistance levels during its consolidation phase, this target could be within reach.
Finally, the pullback observed in recent weeks may have created the conditions for this next leg upward. As a result, investors are cautiously optimistic that IMX will continue its ascent.
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