The Immutable X (IMX) token is showing significant growth, increasing by 56% in a single day. This rise is attributed to new market expectations and trader activity.
Reasons Behind Immutable X Price Surge
The Immutable X token, operating on a Layer-2 network, reached an intraday high of $0.687, nearly double its lowest level this month. The market is eagerly waiting for details regarding a purported multibillion-dollar partnership that has reportedly been in the works for two years.
Trading Dynamics and Market Volume
General data for IMX shows a rise in market capitalization to $1.16 billion, while trading volume increased by more than 760%, reaching $432 million. The increase in open interest by 96% to $54.4 million indicates new investor interest in IMX derivatives.
IMX Price Chart Analysis
On the daily chart, IMX is trading above its 50-day moving average, signaling that buyers are starting to take control. The MACD analysis also indicates building momentum, even while remaining below zero.
The recent rise in IMX token price is part of a larger trend among gaming tokens and indicates a recovery in Immutable's NFT ecosystem, likely to continue if the positive market sentiment is maintained.
