ImmutableX (IMX) hits 2-year high and breaks into top 25

IMX token has experienced a significant rise in price, surpassing $3 in recent trading. This surge in value has been ongoing since October 2023, reaching a high of $2.60 in December of the same year.

Following a period of correction, IMX price finally broke through a resistance area last week, hitting a high of $3.06 today. This marks the token’s highest price in over two years. Furthermore, the token closed the week above a long-term resistance area that has been in place since February 2022.

Source: TradingView

Despite the bullish price movement, the relative strength index (RSI) is providing mixed signals. While the RSI is rising and above the neutral level of 50, it has also formed a bearish divergence (shown in green). This pattern often precedes reversals in bearish trends.

Meanwhile, traders and analysts on Platform X are optimistic about the future trend of IMX. CryptoScofield has noted a 50% increase since the bullish breakout from the wedge pattern and predicts that the price will continue to rise.

IMX/USDT daily chart. Source: X

IWantCoinNews reported buying IMX at $0.50, and since then, the token’s value has risen by over 300%.

IMX forecast: Can we expect a new all-time high?

The daily timeframe supports the ongoing upward movement. According to Elliott wave analysis, the most likely scenario suggests that the price is currently in the fifth and final wave of the bullish structure.

The daily RSI also supports further gains, as it is above 50 and still rising.

Additionally, the price has broken through the horizontal resistance area at $2.45.

If the upward trend continues, IMX may reach the next horizontal resistance point at $4, which aligns with the 2.61 Fibonacci level of the external correction of the fourth wave. This would represent a 35% increase from the current price.

Source: TradingView

However, if IMX closes below $2.45, it could indicate that a top has already been formed, potentially resulting in a 40% decline towards the nearest support level at $1.75.

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