IMX Surges 52% to $1.1 Billion Market Cap, Faces Resistance at $0.632

Immutable [IMX] has experienced a significant surge, with its price increasing by 52% and its market capitalization reaching $1.1 billion. This rally has been driven primarily by perpetual investors, who have shown strong bullish sentiment. However, as IMX approaches the $0.632 resistance level, spot market investors have started to reduce their exposure, indicating potential headwinds that could limit further upside.

Over the past few weeks, IMX has gained 52%, following a breakout above a descending resistance channel. This kind of breakout typically precedes a major rally, potentially pushing the price toward the channel’s peak at $0.816—or even higher—if bullish momentum holds. However, the path forward is not without obstacles. According to the Fibonacci Retracement tool, IMX is set to face significant resistance ahead. The first resistance level lies at $0.632, just above the current price. This level is critical—historical data shows it acted as support before a breakdown triggered a 19% drop between the 29th and 30th of May. The second resistance level is at $0.713. IMX’s previous attempt to break this level resulted in a drop back to $0.632. If IMX gains enough momentum to breach both resistance levels, it could push toward the $0.816 peak. Should the bullish strength persist beyond that, further upside remains likely.

Perpetual investors have been the primary contributors to IMX’s recent gains, especially in the last 24 hours. During this period, both Open Interest and Funding Rates for IMX have surged. According to the data, Open Interest (OI)—which tracks the total number of unsettled derivative contracts—jumped 26% to $46 million. Meanwhile, the Funding Rate (FR) has stayed positive for four consecutive days and showed a reading of 0.0117. A positive FR indicates that most perpetual contracts, based on OI, are held by long traders—reinforcing a bullish outlook.

As IMX approaches the $0.632 resistance level, spot market investors have started reducing their exposure. After three days of accumulation, spot investors sold $541,000 worth of IMX as the price approached this resistance, suggesting they may be anticipating a significant sell-off at that level. If this selling subsides and buying resumes, it could indicate a temporary correction and signal that buyers remain confident. Overall, while IMX’s bullish movement and broader crypto market strength could point to further gains, a near-term pullback might serve as a healthy correction phase.