Immutable X Token Jumps 10%, as bulls eye the $10 price target

Summary:

Immutable X is on course to register its highest-ever closing price on Thursday, which should slingshot the price into doublefigures.

Immutable X is on course to register its highest-ever closing price on Thursday, which should slingshot the price into double figures.

To say the creators of the layer-2 scaling solution for NFT’s on Ethereum have impressive credentials is an understatement. Co-founders and brothers James and Robbie Ferguson have both featured in Forbes 30 under 30 and have a long history in the crypto space. Their venture, Immutable X, boasts scalability of up to 9,000 trades per second with zero-gas fees. As a result, the protocol’s native IMX token has been well received since its exchange listing earlier this month. At its current valuation of around $1.6 billion, IMX is the 82nd most-valuable cryptocurrency ahead of Mina.

IMX Price Action

The daily chart shows the Immutable X price has broken above a descending trend line from the all-time high. The trend, which was former resistance, now offers price support at $8.3600. As long as IMX holds above the support, it should soon find its way to $10.00. Furthermore, a similar breakout on the 20th led to a 40% rally. Therefore, in theory, the price could exceed $10.00 by quite a distance.

The optimistic view relies on a close above $8.3600. On that basis, a daily close below that level would suggest the breakout has failed, invalidating the bullish thesis.