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Immutable Price Forecast: Why IMX Could Rally to $0.94 Soon

Highlights:

  • Immutable is trending towards the $0.78 resistance
  • A rally through the $0.78 resistance could see IMX hit $0.94 soon
  • Rally likely to be driven by a surge in institutional demand 

Immutable (IMX) is among the best-performing top 100 cryptocurrencies in the last 24 hours. In this period, Immutable has gained by 10.61% to trade at $0.75. These gains are impressive given that most cryptocurrencies have barely moved in the same period. Immutable trading volumes are also on the rise in the day. 

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When writing, Immutable trading volumes stood at $123.2 million, an increase of 91.17% in the last 24 hours. This indicates that despite the price pump, investor sentiment is still bullish. Such positive sentiment could cause the price to keep pushing higher in the foreseeable future. The rising bullish momentum around Immutable is rooted in strengthening fundamentals and real demand. 

Amount of Immutable Available On Exchanges Is Shrinking

One of the factors likely to drive Immutable is the fact that the amount of Immutable available for trading on exchanges is in decline. Data indicates that the total amount of Immutable available on exchanges has dropped significantly, currently at only 7.33% of the total supply. This squeeze in the liquid supply of IMX for trading indicates that holders are not looking to sell their holdings. This, amidst a rising demand, could send the price of IMX to new highs as the price adjusts to find equilibrium.

Whales Loading Up On Immutable

Alongside the drop in Immutable supply, whales are increasingly accumulating. Analysts have noted multiple instances where there has been an uptick in bulk purchases of Immutable. At the same time, retail interest in Immutable is also on the rise. This is evident in the number of new addresses for Immutable that have shot up recently.

For context, 309 new Immutable addresses were created in a single day. Such a rising number of addresses further makes the case for the price to increase. That’s mainly because it is happening against declining exchange reserves.

Immutable Remains Strong Despite Token Unlock

Another strong indicator of the growing Immutable demand is that the price momentum remains up despite recent unlocks. On September 5, Immutable had a token unlock that saw 24.5 million IMX tokens, an equivalent of 1.3% of the total supply, released into the market. Such a sudden increase in supply usually tends to trigger a price drop in the following weeks. However, Immutable is only getting stronger, indicating that there are enough investors interested in IMX and have absorbed all the new supply.

Immutable Team Pushing Towards $100 Billion Mobile Gaming Market

Immutable is also making moves that could significantly drive adoption going into the future. On September 19, the Immutable team recently announced that they were creating a mobile gaming division. The new division aims to increase the number of mainstream mobile users on the Immutable platform.

The new division is expected to achieve this goal by creating mobile developer tools, making it easier to integrate with app stores, and working on partnerships with gaming studios. This is a big deal for Immutable as it positions it to gain a share of the lucrative and fast-growing mobile gaming market, currently valued at over $100 billion. With such real-world moves, institutional inflows could get stronger over time and trigger a sustained price rally going into the future. 

Technical Analysis – Immutable Price Pushing Towards Critical Resistance

Immutable is currently trending towards the $0.781 resistance. If bulls take control and push Immutable through this resistance, a rally to $0.94 could follow in the short term.

IMX
Source: TradingView

On the other hand, if bulls fail at the $0.781 resistance, then a correction to the $0.65 multi-week support could follow. A rally through the $.0781 resistance is more likely of these two scenarios due to the strong growth of institutional capital looking to accumulate IMX.

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