IMX Token Slides Past $0.50 as Major Unlock Looms

Immutable’s IMX token is experiencing heightened bearish pressure as it approaches a significant token unlock event scheduled for August 8. Recent technical developments show the price breaking below the $0.542 support level, a key Fibonacci level, confirming a bearish triangle pattern on the 1-hour chart. The breakdown has pushed IMX to trade around $0.509, with failed retests of prior support levels intensifying the downward momentum [1].

The price action has drawn attention from traders and analysts, including Ali (@ali_charts), who projected a potential move toward $0.47 following the breakdown of the descending triangle pattern. This projection is based on classical technical analysis and past behavior of the asset within similar formations [1]. The current trajectory puts the $0.468 and $0.416 support zones at risk, according to further analysis of wedge pattern breakouts on the daily chart [1].

Adding to the bearish backdrop is the upcoming token unlock, which will release 24.52 million IMX tokens—worth approximately $13.06 million—into the market. This represents 1.30% of the token’s total market capitalization. The unlock, highlighted by CryptoRank.io as part of a broader list of major token unlocks in August, introduces additional supply pressure at a time when market demand appears to be weakening [1]. Such events often lead to price corrections, especially when liquidity is constrained or buyer interest is subdued.

Historically, IMX has demonstrated resilience within falling wedge patterns, as observed in late 2024 and early 2025, where strong rallies followed key breakouts. However, the recent failed attempt to hold above $0.50 suggests that immediate support is under pressure. Traders are now closely watching the $0.50–$0.33 range, a historically active demand zone, to determine whether buyers will step in or if the downtrend continues unimpeded [1].

On-chain data indicates mixed market positioning, with some investors hedging against a potential sell-off while others are betting on a rebound. This divergence in sentiment points to a possible period of consolidation or increased volatility as the market absorbs the unlocked supply. The outcome will largely depend on the depth of the order book and the strength of buyer participation during and after the unlock.

Broader market conditions also appear to be influencing investor behavior. The Doge Fear and Greed Index shows a shift toward bearish indicators, reflecting a risk-averse mood among speculative traders. While this index does not directly impact IMX, it highlights a general trend of profit-taking and caution that may exacerbate selling pressure on smaller or more volatile tokens [2].

Traders are advised to monitor volume spikes and order book dynamics as early signals of sentiment shifts. Institutional activity, if any, could play a critical role in stabilizing the price post-unlock, while retail investors should remain cautious and implement risk management strategies amid heightened uncertainty.

The unlock event represents a pivotal moment for IMX. Whether it triggers a deeper correction or sets the stage for a recovery will depend on the balance between supply and demand in the coming days. While no major analyst forecasts have been released, the immediate technical and fundamental factors suggest a continuation of the current bearish trend unless strong buying interest emerges.

[1] https://cryptofrontnews.com/imx-faces-selling-pressure-as-unlock-nears-rec/

[2] https://cfgi.io/doge-fear-greed-index/