Key takeaways
IMX is the best performer among the top 100 cryptocurrencies by market cap, up 12% in 24 hours.
The coin could target the $0.808 resistance level soon.
IMX rally as on-chain activity increases
IMX, the native coin of the Immutable ecosystem, is the best performer among the top 100 cryptocurrencies by market cap in the last 24 hours. The coin rallied by more than 12% and has now surpassed the $0.70 mark.
The positive performance comes amid growing on-chain activity. IMX’s 24-hour turnover ratio is around 6.2%, indicating growing trading activity within the immutable ecosystem. On-chain data shows that a whale purchased 4.55 million IMX tokens, about $3.2 million worth, on September 13.
This transaction caused a 23% jump in large transactions and has been the primary catalyst behind IMX’s ongoing rally.
IMX eyes the $0.808 resistance level
The IMX/USD 4-hour chart is bullish but inefficient, thanks to Immutable’s sudden rally over the last 24 hours. The inefficiency could see IMX dip lower to grab liquidity before continuing its rally.
The RSI of 64 shows that buyers are firmly in control, with the MACD lines also deep within the bullish territory. If the rally continues, IMX could hit the next major resistance level at $0.808 over the next few hours or days. An extended bullish run would allow IMX to hit the $1 mark for the first time since January.
However, the inefficiency could see IMX undergo a correction. If that happens, IMX could decline to the $0.660 level over the next few hours. The major support and TLQ level at $0.58 would likely hold unless the broader crypto market records a massive loss.
The onchain activity supports a continued rally for IMX, with upcoming macroeconomic events likely to play a role in how the coin performs over the next few days.
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