Immutable is trading near $0.6360 after gaining 11%.
IMX’s daily trading volume has skyrocketed by 292%. The crypto market cap has reached $3.01 trillion, sending mixed sentiments with the assets oscillating between gains and losses. Bitcoin holds steady at $96.8K, while Ethereum is traded at $1.8K. Notably, Immutable (IMX) jumped more than 11%, landing in the number one gainer position.
In the early hours, IMX kicked off trading at a low of $0.5699. After the bulls came into control, the price rose to a high range of $0.6748. At the time of writing, Immutable trades at $0.6360 with its market cap of $1.15 billion.
Moreover, the market has witnessed the liquidation of $409.72K worth of Immutable during this period, as per Coinglass data. The daily trading volume has increased by 292%, reaching $164 million.
What is Next for Immutable After Its Breakout?
Immutable has entered a bullish phase, with the asset to test the immediate resistance at $0.6560. As the bulls turned the tide against the bears, the price might jump to the $0.67 resistance. The upward trajectory could trigger IMX to continue gaining.
Assuming the bullish momentum is fading and the asset tries to find its initial support at the range of $0.63. An extended downside correction could invite the death cross, sending the Immutable price toward its former low at the $0.60 mark.
IMX chart (Source: TradingView)
The Moving Average Convergence Divergence (MACD) line has crossed over the signal line. This bullish crossover indicates the active uptrend. Besides, IMX’s Chaikin Money Flow (CMF) indicator at 0.13 suggests positive money inflow into the asset and moderate buying pressure.
In addition, the Bull Bear Power (BBP) reading at 0.084 implies that bulls have a slight strength within the market. Immutable’s daily relative strength index (RSI) resting at 63.72 signals the bullish momentum, which might be nearing the overbought zone.
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