IMX approaches the 0.30 USD mark, traders are heavily betting on an upward trend.

As the cryptocurrency market gradually regains momentum, Immutable (IMX) is emerging as a bright spot attracting strong interest from traders. At the time of reporting, IMX has increased by 9.5%, trading around the $0.293 mark.

This breakout not only sparks expectations for further growth potential but is also supported by the inflow of capital into the market. Trading volume surged by up to 65%, reaching $35.48 million, reflecting increasingly active participation.

The simultaneous rise in price and volume indicates a prevailing positive sentiment, as both short-term traders and long-term investors show clear support for IMX's current trend.

IMX Price Movements and Key Levels to Watch

Technical analysis on the daily timeframe shows that the 9.50% increase in the latest session has clearly completed a cup-and-handle pattern in an upward trend. Currently, IMX is approaching a critical breakout zone, attracting investor attention.

Source: TradingView According to an optimistic scenario, if the upward momentum is maintained and IMX successfully breaks the neckline around the $0.30 level, the market could see a new rally with approximately 16% gain, pushing the price toward the $0.351 region in the coming days.

However, the bullish outlook is only confirmed when this neckline is decisively broken. In case of failure, a correction scenario could repeat itself, similar to past occurrences.

From a positive perspective, at the time of writing, IMX has moved above the 50-day exponential moving average (EMA) and is maintaining trading above this threshold. This is a sign that a short-term upward trend is forming, offering optimistic expectations for holders.

Nevertheless, the ADX (Average Directional Index) indicator currently stands at 21.17, below the critical level of 25, indicating that trend strength is not yet convincing and further confirmation from capital inflows is needed in the near future.

Is IMX traders shifting towards an uptrend?