Immutable (IMX) has recently reached a significant milestone, marking a new yearly high of $2.07, the highest in over 600 days. This surge represents a 300% increase in just 56 days. The cryptocurrency is currently on its ninth successive bullish weekly candlestick, and technical indicators like the weekly Relative Strength Index (RSI) support this ongoing increase. However, a close below $1.45 would invalidate this bullish breakout.
The IMX price rally began in October, breaking out from a key horizontal resistance area. Although the price has increased swiftly, there is still some caution. For instance, CoinCodex predicts a slight decrease in the price of Immutable X to $1.36 by December 9, 2023. In contrast, AMBCrypto suggests a more optimistic outlook, with the potential for IMX to hit $105.34. CoinEdition offers a similar bullish view, predicting a possible rise to $2.43 in 2023. Bitnation's forecast is also bullish, with an end-of-year prediction of $2.57 and the potential for IMX to reach $5.44 in the coming years. These varied predictions underscore the volatility and uncertainty inherent in cryptocurrency markets.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
