The Immutable (IMX) price surged 8.05% to $0.6785 after the SEC dropped its investigation.
Market cap rose to $1.21B, with a 24-hour trading volume up 118.36% to $120.59M.
Immutable (IMX) surged after the U.S. Securities and Exchange Commission (SEC) closed its investigation without filing charges. The SEC confirmed it would not pursue any enforcement action against Immutable, its ecosystem foundation, or CEO James Ferguson. This news has fueled strong buying momentum, driving IMX higher in the past 24 hours.
IMX is currently trading at $0.6785, marking an 8.05% increase within the last day. Its market capitalization has reached $1.21 billion, while the fully diluted valuation (FDV) stands at $1.35 billion. Trading volume has surged by 118.36% to $120.59 million, bringing its volume-to-market cap ratio to 9.91%.
Will IMX Continue Its Uptrend?
From a technical standpoint, IMX recently peaked at $0.75 before undergoing a slight retracement. The key resistance level is positioned around $0.70, while support is currently at $0.63. A breakout above $0.70 could pave the way for a rally toward $0.78. On the other hand, failure to sustain support at $0.63 may lead to a decline toward $0.60, potentially triggering a deeper correction.
The Relative Strength Index (RSI) currently stands at 57.17, with an RSI average of 70.54. IMX recently entered overbought territory, prompting a brief cooldown. The Chaikin Money Flow (CMF) indicator sits at -0.11, suggesting mild weakness in buying pressure. However, the momentum remains largely bullish.
Moving averages further support this sentiment, as the 50-day moving average is holding near $0.67, acting as a short-term support level. The 200-day moving average remains lower, confirming a longer-term uptrend. A recent bullish crossover between the 50-day and 200-day moving averages also strengthens the case for continued upside momentum.
The SEC’s decision to drop its investigation has eliminated a significant regulatory risk for Immutable, allowing the project to regain market confidence. IMX’s technical indicators suggest that the token is consolidating after its rally. If it successfully breaks above $0.70, further gains are likely in the short term. However, traders should remain cautious of potential corrections, especially if the price drops below $0.63.
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