Immutable (IMX) has emerged as one of the top-performing altcoins, surging over 40% in the past 24 hours. This bullish momentum has propelled the token to a 27-day high of $0.65, placing it at the forefront of the market’s rebound. As the crypto market gains steam, fueled by Bitcoin’s resurgence and improved sentiment, IMX is drawing increased interest from traders and analysts alike.

IMX Surges 41% on Market Momentum

IMX’s price rally has been nothing short of impressive. In the span of a day, the token’s value jumped 41%, driven by a sharp uptick in market activity. Trading volume for the asset spiked by more than 760%, signaling heightened investor participation and strong buying pressure. This type of synchronized movement in price and volume typically reflects strong market conviction and may signal the start of a broader uptrend.

Such high trading activity indicates growing confidence in IMX’s short-term outlook. The uptick aligns with Bitcoin’s recent surge past $90,000, which has helped restore risk appetite in the broader market and encouraged capital inflow into altcoins.

Bullish Indicators Support Uptrend

From a technical standpoint, IMX has crossed key levels that confirm the strength of its rally. The token is now trading above its 20-day exponential moving average (EMA), a widely watched indicator used to assess short-term momentum. This crossover implies that the average price over the past 20 days is lower than the current market price, suggesting a bullish trend is in place.

Another key technical signal comes from the Moving Average Convergence Divergence (MACD) indicator. IMX’s MACD line currently sits above both the signal and zero lines, a bullish configuration that typically indicates upward momentum. This pattern suggests that buying activity is accelerating and that the recent rally could continue in the near term.

Traders often use MACD crossovers to identify entry points, and the current setup supports additional price appreciation if buying interest remains strong.

Buyers Dominate: Balance of Power Confirms Accumulation

Additional strength in IMX’s price action comes from the Balance of Power (BoP) indicator, which currently reads 0.54. This metric, when above zero, shows that buyers have a clear upper hand over sellers. A positive BoP value indicates accumulation — where demand significantly outweighs supply — often preceding further upward movement.

The BoP reading reinforces the current bullish sentiment and suggests that IMX’s rally has solid backing from investors who are accumulating the token with confidence.

Can IMX Extend to $0.79 or Higher?

With bullish technicals and strong market participation, IMX appears poised to test higher resistance levels. The next key target for bulls is $0.79. If the momentum continues and resistance is broken, traders could eye a potential move toward $0.87 in the short term.

However, it’s important to consider that rapid rallies can also trigger profit-taking. If traders begin to lock in gains, the token could face selling pressure. A retracement from current levels could push IMX back toward the $0.34 support zone. This would not necessarily break the uptrend but could test the resilience of bullish sentiment in the market.

Outlook: IMX Bulls in Control, But Caution Warranted

Immutable’s recent rally has been supported by both technical indicators and a favorable macro environment. The surge in trading volume, price strength above moving averages, and dominant buying pressure all point to a healthy uptrend. Bitcoin’s continued performance and broader market sentiment will also play a crucial role in determining IMX’s trajectory.

That said, while the current setup is optimistic, crypto markets remain volatile. Traders should remain cautious and watch for potential reversal signs or volume drops that could signal weakening momentum.

In conclusion, IMX is currently in a strong position, having led the altcoin market over the past day. If bullish momentum holds, the token could push toward the $0.79 mark — and potentially beyond — in the coming sessions.