Cryptocurrencies

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

Published by
Written By: Elliott Laybourne
Share
    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.

Immutable X Price Chart (Daily)

For more market insights, follow Elliott on Twitter.

This post was last modified on Nov 25, 2021, 06:46 GMT 06:46

Written By: Elliott Laybourne

Elliott Laybourne is an accomplished Hedge Fund sales and Investment bank trading specialist. Elliott also started a successful Base Metals Brokerage business in partnership with ABN AMRO clearing bank. He worked on the open outcry trading floors at the London International Financial Futures Exchange 'LIFFE' and the London Metal Exchange 'LME.' He also provided research and execution services for Goldman Sachs, JP Morgan, Credit Suisse, Schroders Asset Management, and Pennsylvania State Public School Employees Retirement System, as amongst others. Today, he focuses on providing trading consultancy and business development services for family office and brokerage clientele.

Published by
Written By: Elliott Laybourne