TL;DR
- IMX pumped by double digits, possibly fueled by hype around Immutable’s participation at TOKEN2049 in Singapore.
- Analysts see room for a rally above $1 if support holds, but with RSI exceeding 70, the token may first face a short-term pullback.
Joining Crypto’s Elite
The past 24 hours have not been very dramatic for the crypto market, with most leading digital assets registering little to no price movements.
However, Immutable (IMX) has defied the overall consolidation, charting a 12% price increase, briefly surging to $0.75, or the highest point since May this year. In the following hours, it slightly retraced to the current $0.70 (per CoinGecko’s data).
IMX’s market capitalization, which was hovering around the $1 billion milestone at the start of September, jumped to nearly $1.4 billion. Thus, the cryptocurrency became the 99th-biggest in the entire market.
The asset’s valuation has been gradually surging in the past few weeks, but its most recent spike seems to be fueled by one of Immutable’s latest announcements on X.
The team revealed they will attend TOKEN2049 in Singapore – one of the biggest global crypto conferences, which will take place on October 1-2. Some of the most popular individuals participating as speakers include Eric Trump (Donald Trump’s son), Lando Norris (F1 driver), Arthur Hayes (co-founder of BitMEX), Richard Teng (CEO of Binance), and more.
More Gains Ahead or Incoming Correction?
Multiple analysts believe IMX’s price has much more room for growth. The X user CryptoBull_360 expects a “further bullish wave” beyond $1 should the valuation consolidate above the $0.65 mark. CryptoDoc (Gem Hunter) shared a similar thesis, envisioning a surge to $1 in the following weeks.
However, IMX’s Relative Strength Index (RSI) has recently entered bearish territory at over 70. The technical analysis tool measures the speed and magnitude of recent price changes and indicates whether the asset is overbought or oversold. Ratios above 70 signal that a pullback might be knocking on the door, while anything below 30 is usually seen as a buying opportunity.
