BNX Hits Major Gains While IMX Struggles with Price Recovery

• BinaryX saw a massive 300% uptick, while Immutable IMX fell 57% in the last 60 days. 
• BNX hit strong resistance while IMX is consolidating near its previous support levels.
• IMX mirrors BNX’s past pattern which could push its price toward the next breakout.

Gaming tokens are witnessing an unexpected resurgence, with BinaryX (BNX) leading the charge after an overlooked yet substantial rebound. Over the last 60 days, BNX soared over 300%, while Immutable (IMX) declined 57%. Despite broader market uncertainty, BNX continued its upward trajectory, while IMX struggled to regain momentum. Could IMX follow BNX’s surge if key resistance levels are breached?

BNX Gains Momentum Amid Explosive Market Activity

As of press time, BinaryX has experienced a rise of 62.13% and is trading at the value of $1.94. Its market share has surged to $740.59 million and therefore represents an increase of 63.56%. Furthermore, the number of trades within the 24-hour volume spiked to hit a value of $429.81 million, highlighting an increase spot-on of 233.60%, according to CoinMarketCap. The fully diluted valuation remained at $1.12 billion, while the volume-to-market-cap ratio stood at 62.6%, indicating greater participation in the market.

The circulating supply reached 380.69 million BNX, with a total supply of 572.11 million out of a maximum of 580 million BNX. Additionally, the number of holders increased to 14.91K. Furthermore, BinaryX’s strong uptrend throughout the day aligned with announcing an upcoming rebrand to Four (FORM) on March 21, 2025, potentially fueling further investor speculation. 

Source: Tradingview

Technical indicators suggest BNX maintains bullish momentum, with Fibonacci retracement levels indicating resistance at $2.2477 (0.5 level) and $2.7353 (0.382 level). Meanwhile, key support stands at $0.1818 (1.0 level), aligning with increased buying pressure. The MACD  reflected a bullish crossover, with the MACD line at 0.1481, surpassing the signal line at 0.1342. Additionally, the Relative Strength Index climbed to 71.81, signifying potential overbought conditions, which may lead to short-term consolidation before further movements.

Immutable Faces Volatility Despite Rebound Attempts

With a sell-off of around 0.35%, IMX witnessed a contrasting price movement, now well below the $0.5636 mark. The market capitalization remains at $996.63 million, for a decrease of 0.59%, while a 19.66% increase in trading volume to $31.35 million signals renewed interest from investors. Besides, FDV remained the same at $1.12 billion, giving a volume-to-market-cap ratio of 3.13%, according to CoinMarketCap. The circulating supply reached 1.76 billion IMX, with a total and maximum supply capped at 2 billion IMX. The price action fluctuated, reaching a peak of $0.5656, but market sentiment remained neutral compared to BNX’s strong bullish breakout.

Technically, IMX faced resistance at $1.7949 (0.382 Fibonacci level), with additional barriers at $2.1701 (0.5 level) and $2.5453 (0.618 level). However, after a 90% retracement to $0.40, IMX showed signs of consolidation near September 2023’s support level, suggesting a potential breakout scenario.

Source: Tradingview

The MACD remained negative, with the line at -0.0659, but an upward trajectory hinted at improving momentum. Moreover, the RSI, at 39.46, indicated IMX was near oversold territory, hinting at a possible bullish reversal if buying volume sustains. 

Related: https://cryptotale.org/imx-eyes-3-70-as-sand-plans-for-impact-nft-gamings-rise/

IMX Price Action Mirrors BNX’s Surge, Aiming for a Breakout

Interestingly, IMX’s price movement aligns with BNX’s previous Fibonacci extension breakout, where BNX surged past 161.8% Fibonacci extension levels. IMX’s extended retracement to $0.40 mirrors BNX’s earlier market correction, consolidating at critical support levels.

A breakout above key resistance levels could drive a parabolic surge toward $3.97, following BNX’s impulse wave structure. Moreover, increased market activity and volume spikes could trigger a trend reversal, solidifying IMX’s potential recovery phase.

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