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Immutable (IMX) Price Soars By 18%: A Bullish Turn In Sight?

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The broader cryptocurrency market’s resurgence is being propelled by significant gains in major cryptocurrencies, including Bitcoin, Ethereum, and Solana. Bitcoin has soared by over 5% to breach the significant $65,000 mark, while Ethereum and Solana have increased by 3.5% and 8%, respectively.

Moreover, Immutable has eclipsed the performance of the leading cryptocurrencies with an impressive surge of nearly 18%. It stands on the brink of further gains if it can break through a key resistance level. As the trading session progresses, this could potentially lead to more substantial returns for investors. 

Let’s analyze taking into account all relevant factors to determine if Immutable will continue to be among the top-performing cryptocurrencies in the coming weeks.

IMX Crypto: Price DAA Divergence Takes The Lead

Recent data from app.santiment.net reveals a promising trend, with the price and Daily Active Addresses (DAA) divergence indicator displaying positive movements in recent sessions, hinting at a potential shift in the broader trend. The indicator has shifted from neutral to bullish, suggesting an optimistic change in the overall sentiment.

Moreover, DAA represents the count of distinct crypto addresses engaging with a specific cryptocurrency each day, either through sending or receiving transactions. A positive divergence between the price and DAA typically indicates an impending bullish trend. Therefore, DAA serves as a crucial on-chain metric for gauging user engagement and network activity, playing a vital role in assessing the value of a cryptocurrency.

A 50% Upswing in Sight for Immutable if it Clears This Crucial Level

IMX was tracing a rising parallel channel pattern on the daily chart at press time. Recently, the price rebounded from the channel’s lower edge, climbing 18% in a single day, aiming for the channel’s upper boundary.

At the time of writing, IMX was hovering in a critical area, close to its previous resistance level, the 50-day Exponential Moving Average (EMA), and the channel’s upper boundary. A push beyond this area could signal a shift to a bullish trend and mark the end of the current correction. the crypto could register a growth of over 50% on a sustained breakout of $2.5 level.

This upward movement is supported by a notable increase in trading volume, which lends further credibility to the potential breakout. However, should the price fall back, it might suggest the continuation of the correction phase.

Conclusion

The crypto market has been recovering, led by Bitcoin, Ethereum, and Solana, with Bitcoin crossing $65,000. Immutable (IMX) outshines them with an 18% jump, nearing a key resistance. Furthermore, Data from app.santiment.net website delivered a bullish price DAA divergence indicating the improved sentiment from neutral to bullish.

At the time of writing, IMX was trading near the 50-day EMA and a channel’s upper limit. A breakthrough could signal a bullish shift, potentially leading to over 50% growth if it surpasses $2.5. The price rise has been supported by comparative rise in the volume, but a price rejection from the crucial zone could indicate an ongoing correction.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

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