IMX Surges 17% in 24 Hours, NFT Sector Growth Drives Rally
1min read Immutable [IMX] has surged by 17% in the past 24 hours, establishing itself as the top gainer in the crypto market. This upward trend has been consistent for over four weeks, driven by a breakout above a key resistance line. Market analysis indicates that this breakout is the initial phase of a more substantial rally, as imx is currently trading within a cup-and-handle pattern. This pattern typically results in a rally that mirrors the asset's previous downside movement, suggesting a potential 68% increase to reclaim the $1.064 level.
The bullish momentum of IMX is fueled by significant liquidity inflows into the market. The Money Flow Index (MFI) has remained in the positive zone, with a reading of 72.82, confirming strong liquidity flow into IMX. However, it is important to note that an mfi reading of 80 indicates an overbought condition, which could lead to a price correction. Additionally, the Aroon line indicators support the uptrend, with the Aroon Up line staying above the Aroon Down line, further validating the rally's momentum.
The liquidity inflow into IMX is closely linked to the growth of the NFT applications sector, which is currently the third-fastest-growing sector. This growth reflects renewed investor interest in assets with the potential for higher returns, positioning IMX as a top choice. The continued expansion of this sector suggests that IMX will attract more liquidity, adding to the momentum for a potential rally. The overall market strength and the positive outlook for the NFT sector contribute to the bullish sentiment surrounding IMX, making it a key player in the current crypto market dynamics.
