ImmutableX (IMX) Price Prediction 2023: Will IMX Recover Its Lost Glory?

Immutable, a Layer 2 scaling solution for NFTs on Ethereum, has notably recovered from the channel’s lowest trajectory mark of $0.920.

NFT-focused Layer 2 scaling solution Immutable (CRYPTO: IMX) has shown signs of recovery after bouncing off the lower Bollinger Band trajectory at $0.920.

What Happened: The IMX token price rose over 30% in the past seven days. It approached the overhead trendline resistance at $1.30.

This price bounce attracted attention and suggested a possibility of further upside. Crypto gaming has seen a resurgence in activity, with Immutable leading the charge.

The development led to a buying momentum, with bulls hoping for a breakout. After crossing the immediate hurdle at $1.40, the IMX token stood to begin the next bullish leg up.

Immutable (IMX) Price At Press Time: The IMX token price showed an increase of 7.66% to $1.24 with experience of buying momentum at press time.

However, IMX trading volume remained flat, showing a rise of 2.30% to $31.34 million in the past 24 hours. The lower trading volume surge signaled a potential alteration in investor sentiment.

Immutable (IMX) Token Remained Capped Within A Falling Channel: What Next?

The token remained capped within a falling channel amid the price pullback from the $1 mark, without displaying any signs of breaking out yet.

Meanwhile, buyers showed some strength but struggled to sustain the price above the 20-day EMA on a closing basis.

If IMX continues to trade within the channel, it may resume the bearish journey and hover around the $1 mark in the short term.

The Immutable token price traded on a back foot over the past months, declining over 50% in the past three months. However, the correction seemed to have ended, with signs of bottoming out visible on the chart.

SwissTrader (@Swisstrader) noted that IMX is holding the support zone and might go up strongly.

closely observing $IMXflip box and hold, then we go up strongly, patience here aswell tho, no trigger no trade pic.twitter.com/QHmjnMM2BI

RSI showed a spike from the oversold zone, having a reading of 48, displaying signs of accumulation. The MACD line crossed over the signal line, projecting a bullish crossover on the chart.

Immutable Holders Incurred Losses: What Does It Mean?

According to data from the IntoTheBlock platform, 33.41% of in-the-money holders experienced profits at current price levels, while over 65% of holders faced unrealized losses.

This signaled a slight bearish data on-chain activity. Usually, a high count of unprofitable addresses could indicate a potential buying opportunity or bearish sentiment.

It meant that holders might consider purchasing more tokens to lower their average costs.

Futures Open Interest (OI) Data Overview

Amid the price pullback, futures traders anticipated a next bullish leg up and began building fresh longs for it. The Open Interest (OI) rose over 16.20% to $29.16 million in the last 24 hours.

If IMX trades with the bullish sentiment ahead, it may cross the 20-day EMA to reach the resistance at $1.40, soon followed by $1.70.

Conversely, if it fails to bisect the 20-day EMA, it may flip toward the support at $1.05, followed by $0.970 in the short term.

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