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Immutable Price Soars by 18%: A Bullish Turn in Sight?

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CRYPTO:IMXUSD   Immutable
Immutable Price Soars by 18%: A Bullish Turn in Sight?
Immutable recorded an impressive 18% surge in its intraday value, eclipsing the performance of major cryptocurrencies like BTC, ETH, and SOL.
Immutable (IMX) was exchanging hands near a critical zone, surpassing this threshold may ignite its trajectory, potentially ranking it among the top gainers in the forthcoming weeks.

The broader cryptocurrency market's resurgence is being propelled by significant gains in major cryptocurrencies, including Bitcoin, Ethereum, and Solana. Bitcoin has soared by over 5% to breach the significant $65,000 mark, while Ethereum and Solana have increased by 3.5% and 8%, respectively.

Moreover, Immutable has eclipsed the performance of the leading cryptocurrencies with an impressive surge of nearly 18%. It stands on the brink of further gains if it can break through a key resistance level. As the trading session progresses, this could potentially lead to more substantial returns for investors.

Let's analyze taking into account all relevant factors to determine if Immutable will continue to be among the top-performing cryptocurrencies in the coming weeks.
IMX Crypto: Price DAA Divergence Takes The Lead
Recent data from app.santiment.net reveals a promising trend, with the price and Daily Active Addresses (DAA) divergence indicator displaying positive movements in recent sessions, hinting at a potential shift in the broader trend. The indicator has shifted from neutral to bullish, suggesting an optimistic change in the overall sentiment.

<iframe title="Santiment Chart: Price (IMX), Price DAA Divergence (IMX)" width="117" height="425" src="https://embed.santiment.net/chart?ps=immutable-x&pt=IMX&df=2024-01-30T00%3A00%3A00.000Z&emcg=1&emhwm=1&wm=price_usd%3Bprice_daa_divergence&wax=0&wc=%2326C953%3B%23FF5B5B&ws=%3B" scrolling="no"></iframe>

Moreover, DAA represents the count of distinct crypto addresses engaging with a specific cryptocurrency each day, either through sending or receiving transactions. A positive divergence between the price and DAA typically indicates an impending bullish trend. Therefore, DAA serves as a crucial on-chain metric for gauging user engagement and network activity, playing a vital role in assessing the value of a cryptocurrency.
A 50% Upswing in Sight for Immutable if It Clears This Crucial Level
The IMX cryptocurrency was currently tracing a rising parallel channel pattern on the daily chart. Recently, the price rebounded from the channel's lower edge, climbing 18% in a single day, aiming for the channel's upper boundary.

At the time of writing, IMX was hovering in a critical area, close to its previous resistance level, the 50-day Exponential Moving Average (EMA), and the channel's upper boundary. A push beyond this area could signal a shift to a bullish trend and mark the end of the current correction. the crypto could register a growth of over 50% on a sustained breakout of $2.5 level.

This upward movement is supported by a notable increase in trading volume, which lends further credibility to the potential breakout. However, should the price begin to fall back, it might suggest the continuation of the correction phase.
Conclusion.
The crypto market has been recovering, led by Bitcoin, Ethereum, and Solana, with Bitcoin crossing $65,000. Immutable (IMX) outshines them with an 18% jump, nearing a key resistance. Furthermore, Data from app.santiment.net website delivered a bullish price DAA divergence indicating the improved sentiment from neutral to bullish.

At the time of writing, IMX was trading near the 50-day EMA and a channel's upper limit. A breakthrough could signal a bullish shift, potentially leading to over 50% growth if it surpasses $2.5. The price rise has been supported by comparative rise in the volume, but a price rejection from the crucial zone could indicate an ongoing correction.

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