Here’s why IMX rallied over 50% today

ImmuTable X Token joined up to 56% today, led by the buzz around a mega potential partnership and the ascending momentum of Bitcoin.

According to Crypto.News data Immutable x (IMX), a layer of layer 2 focused on games and NFT, reached an intraday summit of $ 0.687 on April 23, almost 100% higher than its lowest level of this month. Its market capitalization has climbed approximately $ 1.16 billion, and the commercial volume has exploded more than 760% to $ 432 million, reporting a wave of new purchasing activities.

The price rally was supported by a strong increase in commercial activity on the IMX derivative market. According to In Correglass, open interests jumped 96% overnight to $ 54.4 million, indicating a wave of new positions.

Although open interest understands both long and shorts, the price increase suggests that the majority of merchants are likely to bet on a new increase.

Media bent started building after the immutable co-founder Robbie Ferguson tackle A partnership “of several billion dollars” which has apparently been in preparation for two years.

Although the details are always under the wraps, the only suspicion of a major partnership was sufficient for investors to integrate, hoping even more prices movements once the new decline.

The recent IMX rally is part of a wider increase in the gaming tokens, with parts like a gala (GALA), Sandbox (SAND), Infinity Axie (Ax), and super -S (super) winning between 5% and 20%. This wave approaches the Bitcoin backdrop (BTC) 6% gathered in the past 24 hours at almost $ 94,000 today, which has contributed to relaunch the total market capitalization of cryptography greater than 3 billions of dollars.

A macro support background adds to optimism. The Secretary in the United States of the Treasury, Scott Bessent, recently suggested that tariff tensions with China could soon relax. Meanwhile, Paul Atkins Confirmation as a new dry president has raised the feeling in the cryptography sector, many anticipating a change to more accommodating regulatory policies.

Finally, the unchanging NFT ecosystem shows signs of recovery. According to Cryptoslam dataNFT sales on the network increased 2.4% in the last 30 days to 24.6 million dollars, while the number of buyers and active sellers has jumped by more than 50%.

IMX price analysis

On the daily graph, IMX is now negotiated above its 50-day mobile average, a sign that buyers are starting to take control.

The MacD lines also point up, showing the momentum is built, even if they are still below the zero line. This generally means that a bullish reversal could be on the way.

Adding to this, the Superrend indicator has overturned green, which is another bullish signal suggesting that the trend could move in favor of the bulls.

With this configuration, IMX could soon test the key psychological level at $ 1 if it breaks and supports it as a support, there is a good chance that it can reach $ 1.6, which is the next major resistance area.

Analysts echo a similar perspective, chesttbadge If IMX recently left a descending widening corner, a model that often alludes to a strong movement up. If this escape holds, they believe that IMX could potentially double the value of the point where it broke out.