Altcoin Immutable X (IMX), particularly throughout December, displayed resilience and strength in the gaming scene. However, the upcoming unlocking event raises questions about the potential impact on IMX’s price trajectory. Over the next 28 days, 1.22 million IMX tokens worth $2.19 million will flood the market daily, necessitating close monitoring of this event’s dynamics.
What Lies Ahead for Altcoin IMX?
The unlocking event for Immutable X (IMX) is scheduled to start on Thursday, January 25. Throughout the following month, 1.22 million IMX tokens, equivalent to $2.19 million, will enter the market daily. While some of these tokens will contribute to ecosystem development and the foundation reserve, a significant portion is reserved for private sales. This development is expected to potentially influence a value increase.
The price movement of altcoin Immutable X is currently consolidating in a falling wedge formation. This formation typically indicates a reversal of a downward trend, highlighting potential upward momentum for IMX.
As the falling wedge formation emerges, the market expects a strong upward movement for the gaming token. A breakthrough above the chart’s upper boundary, especially beyond the $2.00 psychological level, would confirm the bullish momentum. In an optimistic scenario, the altcoin IMX could aim to reclaim its highest level at the $2.59 range, representing a significant climb of 40% from current levels.
Evaluating Bearish Factors
Despite the optimistic outlook, some indicators suggest caution is warranted. Both the Relative Strength Index (RSI) and the MACD indicator are currently trending below their average lines. This indicates a prevailing downward trend and the possibility of consolidation within the falling wedge formation for altcoin IMX before a decisive upward movement occurs.
Nevertheless, bears could prevail and potentially lead to a breakdown below the channel’s lower boundary. In this scenario, IMX’s price could test the 100-day Simple Moving Average (SMA) at $1.53. A more severe drop could bring altcoin IMX down to the $1.50 level, jeopardizing the bullish thesis and leading to a reassessment of market dynamics.
In conclusion, altcoin Immutable X (IMX) faces a critical phase with the unlocking of linear locks, presenting both opportunities and challenges. The interplay between technical formations, bullish indicators, and potential bearish pressures will determine IMX’s trajectory in the coming days.
