ImmutableX (IMX) Surges in Price, Breaking Resistance Levels
The price of ImmutableX (IMX) experienced a surprising surge, taking the lead in the cryptocurrency market rally on Friday. This alternative cryptocurrency reached its highest point in 45 days and successfully turned several resistance levels into stable support levels.
IMX reached a peak of $0.77, marking a 33% increase from its starting price. However, the upward momentum could not be sustained, and there is now a potential threat to the breakout from a descending resistance line for IMX.
Significant Boost For ImmutableX
The inclusion of IMX-Korean won trading pair on Upbit, a cryptocurrency exchange based in South Korea, played a significant role in the surge of IMX’s price. This listing on Upbit accounted for over 35% of the global trading activity for IMX and allowed direct trading with the Korean won, increasing South Korean trader interest in BW.com.
Whale Activity and Trading Volume
A notable portion of global trading volume for IMX was contributed by the IMX-Korean won (IMX/KRW) pair listed on South Korea’s Upbit exchange. It accounted for approximately 20% of worldwide activity. Binance’s IMX-tether (IMX/USDT) pair followed with a contribution of 7% to total volume.
Despite the surge in price, it is unclear what exactly drove up the price of IMX. However, data shows that several Upbit wallets absorbed millions of dollars’ worth of IMX.
Whales and Derivatives Short-Selling
Whales play a crucial role in the market dynamics as they own a significant portion of the circulating supply of IMX. Their activities can impact the market and cause losses for other investors. While the number of significant transactions has been modest in recent weeks, there have been sporadic rises.
Additionally, there is evidence of traders actively engaging in short selling of IMX derivatives, as indicated by the increase in negative funding rates observed on perpetual swaps.
IMX’s Price and Market Outlook
Despite the recent surge, IMX remains far below its all-time highs recorded during the previous crypto market bull run. It reached an all-time high of over $9.30 at that time.
Investors should remain vigilant for sustained momentum above important support levels and be cautious of potential pullbacks. While IMX shows positive signs as a market challenger, traders should prioritize risk management.
Hot Take: ImmutableX Surges in Price, Boosted by Upbit Listing
The price of ImmutableX (IMX) experienced a significant surge after the IMX-Korean won trading pair was listed on Upbit exchange. This listing accounted for a substantial portion of global trading activity for IMX and allowed direct trading with the Korean won. While whales continue to dominate the market with their large holdings of IMX, there are indications of short-selling activity in IMX derivatives. Despite its recent surge, IMX remains below its all-time highs. Investors should monitor support levels and exercise caution amidst potential pullbacks. Overall, the future outlook for IMX remains promising as it establishes itself as a market challenger.
By
By
By
By
By