Immutable X (IMX), a prominent altcoin in the gaming scene, is facing a significant unlocking event that could influence its price trajectory. Over the next 28 days, 1.22 million IMX tokens worth $2.19 million will be released daily into the market. This influx is part of a scheduled unlocking event starting on January 25, with some tokens allocated for ecosystem development and foundation reserves, while a significant portion is reserved for private sales.
IMX’s price action is currently consolidating in a falling wedge formation, typically indicative of a potential reversal from a downtrend. A breakout above the formation’s upper boundary, especially beyond the $2.00 psychological level, could confirm the upward momentum. In an optimistic scenario, IMX could reclaim its peak of $2.59, representing a significant 40% climb from current levels.
Despite the bullish outlook, caution is advised as both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are trending below their average lines, suggesting a possible continuation of consolidation within the falling wedge before a decisive upward movement.
Bears could potentially drive the price below the channel’s lower boundary, leading to a test of the 100-day Simple Moving Average (SMA) at $1.53. A more severe drop could threaten the bullish thesis, pushing IMX down to the $1.50 level and necessitating a reassessment of market dynamics.
In conclusion, Immutable X is at a critical juncture with the unlocking of linear locks, presenting both opportunities and challenges. The interplay between technical formations, bullish indicators, and potential bearish pressures will shape IMX’s path in the coming days.