Immutable X (IMX) Price Prediction – When will IMX hit $10?

Despite NFT industry challenges, Immutable X's IMX/USD price has recovered and is near its 2023 peak. In the current week, IMX price today is 60% higher, which is a significant recovery compared to other weeks.

Immutable X is a popular layer-2 blockchain platform for gaming and NFTs, which is sensitive to industry swings. The massive drop in 2022 clearly defines how strongly this instrument is correlated with the NFT industry.

The NFT industry is struggling. One of the signs that came from this week's Meta Platforms exit was a major setback. As previously reported, Meta collaborated with Polygon and Flow to sell NFTs on its popular social media platforms. Many other mainstream corporations have failed in NFT. GameStop's partnership with Loopring and Immutable X is uncertain.

Notwithstanding these limitations, IMX is rising for two reasons. First, Immutable X said it has no SVB or Signature exposure. Instead, it has A$280 million in cash, mostly in US dollars. Second, the corporation teased its biggest token upgrade. Four improvements that developers hope will transform the ecosystem will be added in five days. 

Should you invest in the Immutable X token (IMX)?

Let’s see the upcoming price direction from the IMX/USDT technical analysis:

IMX/USDT Bullish Trend Is Stable

On the weekly chart, a strong bullish candle is seen after a consolidation, which is a sign of a stable bullish trend in the long-term perspective. However, any bullish trend continuation momentum should continue after a correction. For IMX/USDT, the current buying pressure might extend once the profit-taking is over.

In the daily chart, the recent sell-side liquidity grab and bullish break of the structure are seen from the 0.760 swing low, which is the bottom of the current tradable range. On the upside, a similar pattern came from the 2.848 level, which will be the top of the current tradable range. As the current price is trading at the discounted zone of the tradable range, we may expect the bullish momentum to extend in the coming days.

The higher timeframe’s direction is also visible from the 100-day SMA, below the current price. The near-term dynamic 20 DMA support is above the 100 SMA and pushing higher. Meanwhile, the recent buying pressure created a gap between the price and the dynamic 20 EMA. As a result, a minor downside correction may happen as a mean reversion before continuing the bullish trend.

The indicator window shows the buying pressure to be extreme as the current MACD Histogram is above the zero line with a strong buying pressure.

Based on the current daily outlook, their broader outlook is bullish, and the price is likely to increase after completing the bearish correction. There are two point of interest areas from where a bullish rejection may offer a trend trading opportunity. Investors should monitor how the price reacts in 1.161- 1.010 and 0.882- 0.760 areas to find a high probable buying opportunity.

IMX/USDT Ichimoku Cloud Analysis

In the h4 chart, the bullish trend continuation opportunity is solid as a stable price above the Kumo Cloud area is visible. The price made a base at the 1.027 support level and extended the gain above the dynamic Tenkan Sen and Kijun Sen levels with multiple higher high formations.

In the indicator window, the stable trend is also visible from the ADX indicator, which is stable above the 20.00 line.

Based on the H4 chart, we may expect the price to come down towards dynamic KIjun Sen support from where any bullish price action could offer a long opportunity. 

On the other hand, a counter-impulsive bearish pressure with a bearish H4 candle below the Kumo Cloud could eliminate the buying possibility and lower the price towards the 0.756 support level.

IMX/USDT Intraday Price Action Analysis

In the hourly chart, the current price is aiming higher, building a trendline liquidity, which can limit the current buying pressure at any time.

However, the bullish break of structure at the 1.329 level, with a stable market above it, is a sign of a strong bullish trend. In that case, downside pressure from the channel formation could offer another long opportunity to bulls from a reliable zone.

The latest bullish structure break made the 1.209 to 1.154 area a valid point of interest from where any lower timeframe bullish signal could offer a trading opportunity.

However, a deeper discount is possible if the price exceeds the 1.1500 level and forms a bearish H4 close. In that case, the liquidity grab from the 1.026 low and bullish signal from the 0.946 to 0.994 area could provide another buying opportunity.

Below the 0.940 level with an H4 candle might eliminate the bullish possibility and lower the price towards the 0.756 support level.

Is IMXUSDT A Buy?

Based on the current analysis of IMX/USDT, the broader outlook is bullish, where a sufficient bearish correction and bullish candlestick formation could be a long opportunity. However, investors should monitor how the price reacts on H4 and H1 point of interest levels, from where a high probable bullish opportunity may come.

Read Next