The Immutable (IMX) Price Surges Above $2
The price of Immutable (IMX) has been rapidly increasing since October, with no signs of retracement. In just 56 days, the IMX price has surged by 300%, reaching a new yearly high of $2.07 today. This is the highest price the token has seen in over 600 days.
Additionally, IMX has broken out from a significant horizontal resistance area that previously rejected the price in March. This breakout indicates a strong bullish trend for the token.
The RSI Indicates Bullish Momentum
The Relative Strength Index (RSI) is a momentum indicator used by traders to assess market conditions. A reading above 50, along with an upward trend, suggests that bulls are in control and it may be a good time to accumulate or hold the asset. Conversely, readings below 50 indicate a bearish trend.
In the case of IMX, the weekly RSI is currently increasing and above 50, indicating a strong bullish momentum for the token.
Hot Take: IMX Price Surge Marks a Promising Trend
The recent surge in the price of Immutable (IMX) to above $2 marks a significant milestone for the token. After more than 600 days, IMX has finally reached this level, experiencing a rapid increase in value since October. The breakout from a key resistance area further reinforces the bullish trend for IMX. With the weekly RSI also indicating positive momentum, it appears that the price surge may continue. It will be interesting to see how long this upward trajectory will last and if IMX can maintain its newfound value.
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