Key Points
- IMX is the best-performing cryptocurrency among the top 100 by market cap, rising 12% in 24 hours.
- The token could soon test resistance near $0.808.
IMX Surges as On-Chain Activity Rises
IMX, the native token of the Immutable ecosystem, led gains among the top 100 cryptocurrencies by market capitalization over the past 24 hours. The token jumped more than 12%, breaking above $0.70 as on-chain metrics signaled renewed interest.
Positive price action coincided with increased network activity. IMX’s 24-hour turnover ratio was roughly 6.2%, indicating higher trading velocity within the Immutable ecosystem. On-chain data also recorded a whale purchase of 4.55 million IMX tokens—about $3.2 million—on September 13.
That large purchase pushed the volume of big transactions up by 23% and acted as a primary catalyst for IMX’s continued rally.
IMX Eyes $0.808 Resistance
The IMX/USD 4-hour chart shows an uptrend, although it exhibits inefficiencies after the abrupt spike over the last day. Short-term inefficiencies could prompt IMX to dip slightly to gather liquidity before attempting another leg higher.
A 64 reading on the RSI indicates buyers remain firmly in control, and the MACD retains bullish momentum. If the rally continues, IMX could reach the next major resistance at $0.808 within hours or days. A sustained bullish run would put $1 back in play for the first time since January.
However, short-term inefficiency raises the risk of a corrective pullback. In that scenario, IMX could fall toward $0.660 in the coming hours. A more substantial support and the TLQ level around $0.58 would likely hold unless the broader crypto market records a sharp sell-off.
On-chain activity supports IMX’s ongoing advance, though upcoming macroeconomic events could influence the token’s performance in the days ahead.