IMX Token Surges 15%: Will the Rally Continue?

By: bitcoin ethereum news|2025/05/02 12:00:04
Share
copy
Immutable’s utility token, IMX, is today’s top-performing altcoin, climbing nearly 15% over the past 24 hours. As of this writing, the altcoin trades at $0.64. On-chain data points to a resurgence in bullish sentiment, suggesting that the rally may have legs in the short term. This analysis explains how. IMX Traders Go Long and Network Activity Supports the Climb IMX’s long/short ratio has risen above 1, indicating that many market participants are opening long positions in anticipation of continued upside. According to Coinglass, this currently stands at 1.004. The long/short ratio measures the proportion of bullish (long) positions to bearish (short) positions in the market. When the ratio is below one, more traders are betting on a price decline than on a price increase. Converesly, as with IMX, a ratio above one means there are more long positions than short ones. This suggests bullish sentiment, with most traders expecting the asset’s value to rise. IMX’s price daily active address (DAA) divergence, which remains positive, further strengthens the bullish case. This metric, which measures an asset’s price movements with the changes in its number of daily active addresses, is currently at 63.22%. When an asset’s price rally is accompanied by a positive DAA divergence, it is considered a bullish signal, suggesting growing interest and the potential for further price appreciation. This reflects that IMX’s recent price hike is supported by sufficient user activity on the network rather than driven solely by speculative trading. IMX Price Outlook Strengthens On the daily chart, the setup of IMX’s Moving Average Convergence Divergence (MACD) supports the bullish outlook above. At press time, IMX’s MACD line (blue) rests above its signal (orange) and zero lines. An asset’s MACD indicator identifies trends and momentum in its price movement. It helps traders spot potential buy or sell signals through crossovers between the MACD and signal lines. When the MACD line is above the signal line, buying activity dominates the market, hinting at further price rallies. If this holds for IMX and the token maintains its uptrend, it could break above the resistance at $0.73 and climb to $0.79. On the other hand, if sellers regain market control, they could drive IMX’s value down to $0.55. Disclaimer In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated. Source: https://beincrypto.com/imx-token-breaks-out-daily-gains-hit-15/

You may also like

Cryptocurrency people who use candlestick charts for fortune telling

When fortune telling is depicted on candlestick charts and placed within the context of the cryptocurrency world, its explosive popularity stems not from the accuracy of its mystical claims, but from the fact that traders' collective anxiety about uncertainty has finally found an outlet.

Holiday Season Markets: Understanding Low Liquidity and Trading Conditions

At WEEX, we recognize that the holiday season often brings a different trading experience for many users. As market participation slows, price behavior can feel less predictable and familiar trading rhythms may shift. For traders following AI news today or using AI trading tools, this period often highlights how market structure can influence model performance and short-term signals. Approaching these periods with clear expectations and a disciplined mindset can help traders better navigate seasonal market conditions.

Lido DAO’s Increased Development and Market Dynamics Elevate LDO Price

Key Takeaways Lido DAO’s development activities have surged by 690%, signifying substantial growth. The Lido DAO token (LDO)…

Hyperliquid Whales Shift Strategies: BTC Longs Decline, ETH Shorts Dominate

Key Takeaways A significant reduction in Bitcoin long positions has been observed on Hyperliquid, with large holders decreasing…

Token VS Equity: The Aave Controversy

This is the challenge Aave has to face, and more broadly, the challenge the entire industry has to face.

December 26th Market Key Intelligence, How Much Did You Miss?

1. On-chain Funds: $7.8M USD inflow to Hyperliquid today; $5.5M USD outflow from Solana 2. Largest Price Swings: $ISLM, $FTN 3. Top News: Trust Wallet will ensure all affected users receive refunds, users need to complete the upgrade process promptly

Popular coins

Latest Crypto News

Read more