- IMX approaches critical $2 resistance with strong price action and overbought RSI conditions.
- On-chain statistics, including transfer volume and Open Interest, indicate increased market participation and speculation.
Unchangeable [IMX] has risen 12.14% in the last 24 hours, reaching $1.81 and attracting significant attention from traders.
As the crucial $2 resistance level approaches, many are wondering: can this momentum lead IMX to a breakout, or is a pullback on the horizon?
Unchangeable: Is $2 the Next Target?
IMX has shown remarkable strength, with the Bollinger Bands widening, reflecting rising volatility. The price is currently at $1.81, just below the critical resistance level of $2.
Meanwhile, the Relative Strength Index (RSI) has risen to 75.91, putting IMX firmly in overbought territory.
Therefore, while bullish momentum is strong, there is a chance of a short-term pullback as traders start locking in their gains.
However, the $1.72 support level has held, giving IMX a strong base to potentially move higher.
If the token can break the $2 resistance, it could set its sights on the next big target at $2.50, potentially leading to a bigger, sustained rally.
Source: TradingView
Is the market turning bullish?
Several key on-chain metrics indicate growing interest and activity around IMX, which could further fuel upside momentum.
Transfer volume has skyrocketed by 1,889.05%, transferring more than 11.1 million tokens in the past 24 hours.
This sharp increase signals a renewed wave of market participation and accumulation, indicating greater confidence among traders.
Additionally, the number of active addresses increased by 11.54%, reaching a total of 1,468 wallets.
This increase in active addresses reflects growing user engagement on the IMX network, a bullish sign for the token’s long-term prospects.
Furthermore, transaction activity has increased by 14.29%, with 1,449 transactions recorded in the past day, further indicating strong demand for IMX.
Source: CryptoQuant
Are traders expecting bigger moves?
Open interest for IMX is up 21.37%, reaching $46.8 million at the time of writing. This spike indicates growing speculative interest in the token, with traders betting on significant future price movements.
If Open Interest continues to rise alongside price and volume, it could provide the liquidity needed for a breakout past the $2 resistance level.
Source: Coinglass
Read Unchangeable [IMX] Price forecast 2024–2025
Will IMX break out?
IMX’s recent surge has put the token on the brink of a possible breakout. With strong price action, rising on-chain activity and rising open interest, the momentum is clearly bullish.
However, the overbought RSI suggests caution is needed in the short term. If IMX can maintain its current momentum and break the USD 2 resistance, it could pave the way for a rally towards USD 2.50.