Immutable (IMX) extended its bullish recovery by recording gains worth 10% over the last 24 hours. These daily gains came just two days after it bounced from a key EMA support near $0.16.
On the daily charts, the token soon stabilized above $0.20, strengthening the case for a potential move towards the $0.30-resistance level. The network’s rising price volatility and a shift to positive funding rates all hinted at renewed activity in the derivatives market too.
Hence, the question: Can buyers sustain the recovery and push IMX towards $0.30 or will rising volatility trigger another reversal?
Volatility, Funding Rates signal renewed activity
Besides the positive technicals , IMX’s market activity has been picking up too. The sharp hike in price volatility to 0.04 over the same period suggested that network’s traders and investors may be reacting more aggressively to changing market conditions.
While higher volatility can accompany strong breakouts as seen during previous episodes, this time it could also increase the risk of sudden price swings.
Meanwhile, IMX’s funding rate also recorded a week of positive gains.
This further indicated that long-position holders have been paying shorts to maintain their perpetual futures exposure.
Can Bulls drive IMX towards $0.30?
At the time of writing, the next key target for network bulls stood at the $0.30 swing high. Especially if buyers maintain control above $0.20. The presence of several unmitigated liquidity clusters totaling more than $22.15 million above the press time price affirmed the bias and highlighted the resistance level as the next key target.
Sustained buying pressure and positive funding could support further gains, particularly if broader market conditions remain favorable. However, it’s also worth noting that a failure to hold above $0.20 could weaken the recovery and expose IMX to renewed selling pressure.
As it stands, IMX’s rebound from $0.16 has improved its short-term outlook. Whether the token hits $0.30 will depend on buyers sustaining demand as volatility and leveraged positioning increase.
Final Summary
- IMX surged by 10% over the last 24 hours after rebounding from its EMA support near $0.16.
- Network’s positive funding rates and rising volatility hinted at renewed derivatives activity.
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