Immutable (IMX) Goes Vertical with 45% Spike: What’s Fueling the Rally?

TL;DR

• IMX exploded by double digits following rumors of a multi-million dollar collaboration that involves Immutable.
• While some analysts predict a potential 100% pump, IMX’s rising RSI suggests the token may be entering overbought territory, raising the risk of a short-term pullback.

The Top Performer

IMX – the utility and governance token within the Immutable ecosystem – experienced a substantial rally in the past 24 hours. Its price soared by almost 50%, reaching as high as $0.68 (per CoinGecko’s data), the peak level witnessed so far in April.

In the past few hours, the valuation has slightly retraced to $0.64. IMX’s market capitalization surged well above the psychological mark of $1 billion, thus cementing the asset’s spot among the top 100 cryptocurrencies.  

One likely reason triggering the upswing is the green wave in the entire digital asset industry. As CryptoPotato reported earlier today (April 23), the sector’s market capitalization jumped beyond $3 trillion, whereas bitcoin (BTC) briefly exceeded $94,000. 

Another factor could be a potential major collaboration that involves Immutable. On April 22, the project’s co-founder Robbie Ferguson said the outcome of a multi-billion dollar partnership “that’s been in the works” for more than two years is about to be disclosed today. 

Despite not revealing further details, his post created huge excitement across the space. As of this writing, there is no information on the actual partnership.

Price Predictions

According to some analysts, IMX could rally even more in the short term. The X user World of Charts recently claimed that the price has consolidated within a descending broadening wedge. A successful breakout would result in a 100% pump, he suggested. 

Crypto Tony also gave their two cents. The popular market observer told his over half a million followers that a flip above $0.69 could be enough for “the floodgates” to “open up again.”

Contrary to the bullish forecasts, the Relative Strength Index (RSI) warns about a possible pullback. The momentum oscillator measures the speed and magnitude of recent price changes of a particular cryptocurrency and varies from 0 to 100.

Ratios above 70 are typically considered bearish since they indicate the asset has entered overbought territory and could be due for a correction. IMX’s RSI has recently soared to 85, its highest point since late March.