IMX’s Price May Continue to Rise Following Its Recent Spike

The price of Immutable (IMX) surged in the past 24 hours according to CoinMarketCap. At press time, the altcoin’s price was trading at $0.8098 after it had printed a 24-hour gain of 6.61%. In addition, the crypto was able to establish a daily high at $0.8272 and had retraced since then.

During the past 24 hours, IMX was also able to outperform the two market leaders Bitcoin (BTC) and Ethereum (ETH). At press time, IMX was up 6.22% against BTC and 5.67% against ETH. Not only did the altcoin see an increase in its price, as its daily trading volume had also spiked more than 100% – pushing the total up to $35,325,857 at press time.

IMX’s price had been in a consolidation period between $0.708 and $0.837 for the past 2 weeks. On Thursday, the altcoin’s price had dropped to the lower level of the price channel, which forced bulls to give it a much-needed pump. This injection of buy volume had then forced IMX’s price above the 9-day and 20-day EMA lines on Friday.

Furthermore, IMX’s price had retested the upper level of the aforementioned consolidation channel, but failed to close the day’s trading session above the key resistance level. It had attempted to flip the level into support again earlier in today’s trading session, but once again experienced a pull back.

Nevertheless, technical indicators on IMX’s daily chart were still flagging bullish, as the daily RSI line had crossed above the daily RSI SMA line. Furthermore, the 9-day EMA line was on the verge of triggering a significant bullish flag and was looking to cross above the 20-day EMA line.

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