Key takeout
IMX performs the best of the top 100 cryptocurrencies by market capitalization, up 12% in 24 hours.
The coin can quickly target a resistance level of $0.808.
IMX Rally as activity on the chain increases
The native coin of an immutable ecosystem, IMX has performed best in the last 24 hours of the top 100 cryptocurrencies by market capitalization. The coin has been promoted by more than 12%, and is currently above the $0.70 mark.
Positive performance comes in the growth of activity in the chain. IMX’s 24-hour turnover rate is approximately 6.2%, indicating an increase in trading activity within an unchanging ecosystem. On-chain data shows that the whale purchased 4.55 million IMX tokens on September 13th. It’s worth about $3.2 million.
This transaction causes 23% jumps in large transactions, making it the main catalyst behind IMX’s ongoing gatherings.
IMX turns to resistance level of $0.808
The IMX/USD 4-hour chart is bullish but inefficient thanks to the sudden Immutable rally over the past 24 hours. Inefficiency allows the rally to continue before IMX drops and grasps liquidity.
The 64 RSI indicates that the buyers are well controlled and the MACD line is also deep within bullish territory. If the rally continues, the IMX could reach the next major resistance level of $0.808 over the next few hours or days. An extended bullish run will allow the IMX to hit the $1 mark for the first time since January.
However, inefficiency can cause IMX to undergo modifications. If that happens, IMX could drop to a level of $0.660 in the coming hours. Unless the broader crypto market records major losses, the $0.58 main support and TLQ levels could likely be retained.
On-chain activity supports IMX’s ongoing gatherings, with upcoming macroeconomic events that are likely to play a role in how the coin works over the next few days.
