The cryptocurrency community is on high alert as a significant token unlock event approaches, with $212.47 million worth of tokens set to be released in the coming week. Tomorrow’s highlight is the release of Immutable X’s native token, IMX, from the Ethereum Layer-2 network, raising the stakes for investors and market observers.
Anticipation Builds for IMX Token Release
The imminent release of the IMX token, representing 2.45% of its total supply and valued at nearly $98.81 million, has sparked interest among stakeholders. Ahead of the event, IMX trades at $2.87, with market participants watching closely for any price movement.
Technical Outlook on IMX Price Movement
Technical analysis of the IMX chart indicates a recent breakout from a descending channel, suggesting possible continued upward momentum. However, the token’s performance against the EMA 9 and EMA 21 moving averages could determine its short-term trajectory.
The IMX chart highlights three critical support levels of $2.79, $2.72, and $2.64. If the price fails to sustain the $2.72 level, it could signal a weakening bullish case. Conversely, resistance levels at $2.89, $2.98, and $3.10 hold the key for potential gains, with the $2.98 mark serving as a formidable barrier.
As the date of the token unlock draws near, the market’s reaction to the IMX release could set the tone for future token unlock events and influence investor strategy in the Layer-2 network space.