Immutable has been experiencing significant growth since October, with the price steadily increasing without any pullbacks or corrections. In just 56 days, the IMX rate has surged by an impressive 300%, reaching a new annual high of $2.07. This is the highest price the token has achieved in over 600 days.
Notably, the token has also broken out of a key horizontal resistance area, marked by the red icon, which had previously caused a price rebound back in March.
Source: TradingView
Additionally, the Relative Strength Index (RSI) indicates further upside potential. The RSI is a momentum indicator used by traders to assess whether a market is overbought or oversold, helping them decide whether to buy or sell an asset.
When the RSI reading is above 50 and in an uptrend, it suggests that bulls have the upper hand. In contrast, readings below 50 indicate a bearish trend. For Immutable, the weekly RSI is currently rising and above the neutral level of 50, signaling a bullish trend.
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