IMX -14.51% in 24 Hours as On-Chain Metrics Signal Short-Term Weakness

On OCT 9 2025, IMX dropped by 14.51% within 24 hours to reach $0.688, IMX dropped by 923.48% within 7 days, dropped by 43.42% within 1 month, and rose by 87.98% within 1 year.

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IMX, the native token of Immutable X, has continued to face downward pressure in the immediate term, with on-chain analytics and recent market behavior suggesting short-term vulnerability. The token’s recent performance, marked by a sharp 24-hour decline, has drawn attention from technical analysts and DeFi observers. The sharp drop has been attributed to a combination of bearish momentum indicators and key resistance breakdowns, with little immediate catalyst in fundamental developments.

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Technical indicators highlight a deteriorating on-chain environment for IMX. The Relative Strength Index (RSI) has fallen below 30, indicating oversold conditions, but has failed to trigger a rebound. Meanwhile, the 50-day and 200-day moving averages have both moved into bearish alignment, with the price trading significantly below both. These conditions suggest a continuation pattern rather than a reversal. On-chain data also shows a decline in active wallet addresses and a reduction in average transaction value, pointing to reduced demand and weaker network activity.

The Backtest Hypothesis is rooted in the use of these indicators to evaluate potential short-term trading behavior. The strategy under review relies on the confluence of RSI and moving average signals, aiming to capture short-term downtrends through a systematic exit or entry framework. Historical data shows that when RSI falls below 30 and the 50-day SMA crosses below the 200-day SMA, IMX has historically moved lower in the following 7–10 trading days. The strategy seeks to validate whether this pattern holds true under current market dynamics, using a fixed stop-loss at 10% and a take-profit at 5%.

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