IMX Token Surges 60%: Bullish Divergence and Whale Activity Spark Rally

Immutable's IMX token has been making waves in the crypto market, with a recent 60% rally and a 360% surge in whale activity. The altcoin has reached a crucial support level of $1.05, a level that has historically triggered significant upside momentum. According to IMX's daily chart, this support level has been favorable for the token, with the price witnessing impressive gains each time it reaches this level.

Experts and analysts expect a similar kind of rally in the future, as IMX is trading below the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating a downtrend. Based on the recent price action, if IMX holds above $1.00, there is a strong possibility it could soar by 60% to reach the $1.70 level in the coming days. Additionally, IMX has witnessed a bullish divergence on its daily timeframe, indicating a perfect opportunity for a price reversal.

Long-term holders and crypto whales have shown significant participation in the token, with the large transaction volume surging by 360% in the past 24 hours, as revealed by the on-chain analytics firm IntoTheBlock. Major liquidation levels are near $1.02 on the lower side and $1.105 on the upper side, with traders over-leveraged at these levels, as reported by the on-chain analytics firm CoinGlass. If market sentiment remains unchanged and IMX's price falls below the $1.02 level, nearly $365,380 worth of long positions will be liquidated. Conversely, if sentiment shifts and the price rises to $1.105, approximately $425,170 worth of short positions will be liquidated.

When combining these on-chain metrics with technical analysis, it appears that investors are bullish, but intraday traders are capitalizing on the current market sentiment and seem to be strongly betting on the bearish side. As the market continues to evolve, it will be interesting to see how IMX performs in the coming days and weeks.