Crypto
Immutable's IMX Token Sees 13% Price Surge Amid Bullish Volume Analysis
Immutable's IMX token has seen a 13% price surge over the past day, with trading volume rising by over 105% to $30 million, according to CoinMarketCap.
The surge in price is backed by bullish volume analysis, indicating that traders are actively supporting the price increase.
The majority of the volume has been driven by three exchanges: HTX, Binance, and Upbit, which collectively account for over 30% of IMX's trading volume.
The Open Interest-weighted Funding Rate, which combines Open Interest and the Funding Rate, shows a moderately positive reading of 0.0040%, indicating that long traders have a significant dominance.
However, spot selling and higher long liquidations remain key risks that could limit IMX's continued upside.