IMX Surges 300% in Volume—Bull Run or Another Crypto Sugar High?

Immutable (IMX) just flipped the script—trading volume exploded overnight as buyers piled into the gaming token. Is this the start of a sustained rally, or just another case of traders chasing the next shiny object while ignoring fundamentals?

Price action turned sharply bullish after weeks of sideways movement, with IMX clearing key resistance levels. The spike comes amid renewed interest in gaming tokens—though skeptics note the sector’s history of pump-and-dump theatrics.

One thing’s certain: Wall Street’s usual ’blockchain experts’ will now suddenly remember they’ve always believed in web3 gaming. Funny how that works.

IMX Price Outlook

The IMX daily chart shows an inverse head and shoulders pattern, with the head NEAR $0.45 and shoulders around $0.50–$0.52. The neckline breakout at $0.60 confirms bullish reversal.

If momentum holds, the pattern projects a target of $0.75–$0.80, based on prior resistance from February’s breakdown.

Meanwhile, the RSI currently sits around 64 with an upward gradient. This suggests increasing bullish momentum without being in overbought territory. However, if IMX pushes RSI above 70, it may trigger a short-term correction.

IMX price chart | Source: TradingView

Bollinger Bands show price pressing against the upper band, a sign of buying pressure. If volume continues rising, the band squeeze could lead to a stronger breakout. However, in case IMX fails to hold the upper band, traders could see retracement to the mid-band (20-day SMA) near $0.52.

IMX price chart | Source: Trading View

Meanwhile, MACD shows a bullish crossover, with histogram printing green bars. As long as this crossover holds, bulls maintain control. A daily close above $0.68 could lead the token toward $0.75–$0.80.

Immutable (IMX) Turns Bullish as Volume Skyrockets 300%