Immutable X Continues to Soar Higher

Immutable X (IMX) has catapulted in price during 2023, growing by a staggering 200% since the start of the year. Over the last month, IMX more than doubled in price, registering gains of over 130% to currently price at $1.3554 - what's next?

4-hour time frame

IMXUSD - 4 Hour Time Frame

Looking into the 4-hour time frame, it can be seen that that bullish structures have formed following the latest impulsive movement from buyers, creating three Imbalance Zones in the process.

The first Imbalance Zone is being partially balanced by the price immediately, the highest was filled during the price correction and the lowest corresponds with two fundamental factors; the level of the Higher High corresponding to the bullish structure, and the Fibonacci Retracement level of 0.5, in which the price reacted positively to.

1-hour time frame

IMXUSD - 1 Hour Time Frame

In the 1-hour time frame, the price behavior during the bounce can be seen more clearly via the so-called area of interest.

The end of the correction phase can be pinpointed. It is when the price had closed the bearish Imbalance Zone and the Volume Imbalance Zone in a very sharp manner.

Consequently, IMX traded upwards towards the Higher High zone, creating the needed liquidity for traders to enter sell positions by the resistance level.

This is unlikely, as the price behavior is very bullish. Yet, a price double pullback may occur on the 4-hour time frame, in which buying positions will remain to be valid until the price closes below the Higher Low on the 4-hour time frame.