- IMX struggles to break resistance at $0.68-$0.69 amid strong selling pressure.
- Oversold RSI at 26.71 suggests a potential rebound if buyers regain control.
- Derivatives volume surges, but falling open interest signals cautious sentiment.
On 26th February, Immutable will unveil its third multi-billion-dollar-backed game, a major milestone for the platform. This announcement comes at a time when the Immutable (IMX) price is experiencing significant volatility.
As of press time, trading at $0.6339, the token has dropped 8.00% over the past 24 hours. Despite the downturn, trading volume has surged by 37.81% to $59.59 million, indicating increased market activity. Investors are watching key support and resistance levels to gauge the next move for IMX.
Tomorrow we announce the third multi billion dollar backed game building on @Immutable.
— Robbie Ferguson 🅧 | Immutable (@0xferg) February 25, 2025
IMX Price Performance and Key Levels
IMX opened at a high of $0.6876 before reversing course, reflecting selling pressure. The price trend remains bearish, with multiple failed attempts to sustain gains above $0.68.
The immediate resistance zone between $0.68 and $0.69 has proven to be a strong barrier. If the price manages to break past this level, the next key resistance lies at $0.70, a critical breakout zone that could push the token toward $0.75 to $0.78.
On the downside, immediate support is found between $0.62 and $0.63. This level has acted as a price floor multiple times, making it crucial for maintaining stability. If selling pressure intensifies, the major support level at $0.60 will be closely monitored. A breakdown below this psychological threshold could accelerate losses.
Technical Indicators and Market Sentiment
Technical indicators suggest that IMX is currently oversold. The Relative Strength Index (RSI) stands at 26.71, well below the 30-mark, indicating strong selling pressure. However, oversold conditions often lead to a potential rebound if buyers step in.
The Moving Average Convergence Divergence (MACD) indicator remains bearish, with the MACD line at -0.12 and no imminent bullish crossover. This suggests the current downtrend could persist unless buying momentum increases.
Derivatives Data and Market Outlook
As per Coinglass data, IMX derivatives trading data reveals a mixed sentiment. Trading volume in the derivatives market has climbed by 42.22%, reaching $75.35 million. However, open interest has declined by 12.45% to $19.21 million, indicating that some traders are closing positions rather than entering new ones.
