Immutable X Price Pares Losses as Tentative Dip buyers emerge

Summary:
• The Immutable X price is ticking up in early trading Tuesday as bargain hunters take advantage of the discount to increase exposure to IMX.

The Immutable X price is ticking up in early trading Tuesday as bargain hunters take advantage of the discount to increase exposure to IMX.

Immutable X (IMX) is a layer-2 scaling solution for NFT’s on the Ethereum network that uses STARK zk-rollups to increase Ethereum’s scalability vastly. The native IMX token is a relative newcomer, listing on Coinbase earlier this month, as the crypto market turned lower from the November highs. Subsequently, the price dropped around 22% from its listing price to an all-time low of $4.070 on December 20th. As a result, Immutable X dropped out of the top-100 list and now resides at #103.

The IMX token has increased by around 10% in the last 24-hours, accompanied by a 27% increase in trading volume, indicating willing dip buyers. Furthermore, the short-term technicals are pointing higher, which may signal further gains in the immediate future.

IMX Price Analysis

The 2-hour chart shows the Immutable X price is breaking out of a short-term downtrend. Additionally, the Relative Strength Index (RSI) of 52 indicates growing bullish momentum.

Above the market, the first resistance is the December 20th high at $4.540. If IMX successfully clears $4.540, it should extend into the $5.000-$5.500 range. However, if the trend breakout reverses, the immediate outlook flips to bearish. Therefore, a close below trend at $4.250 invalidates the view.

Immutable X Price Chart (2-Hour)

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