The Immutable (IMX) Price Surge

• The Immutable (IMX) price surged 8.05% to $0.6785 after the SEC dropped its investigation.
• Market cap rose to $1.21B, with a 24-hour trading volume up 118.36% to $120.59M.

Immutable (IMX) experienced a price surge following the U.S. Securities and Exchange Commission (SEC) closing its investigation without charges. The SEC confirmed it will not pursue any enforcement action against Immutable, its ecosystem foundation, or CEO James Ferguson. This positive news has led to strong buying momentum, driving IMX higher over the past 24 hours.

Currently, IMX is trading at $0.6785, reflecting an 8.05% increase in the last day. Its market capitalization has reached $1.21 billion, while the fully diluted valuation (FDV) stands at $1.35 billion. Additionally, trading volume has surged by 118.36% to $120.59 million, resulting in a volume-to-market cap ratio of 9.91%.

Will IMX Continue Its Uptrend?

From a technical perspective, IMX recently peaked at $0.75 before a slight retracement. The key resistance level is around $0.70, while support is at $0.63. A breakout above $0.70 could trigger a rally toward $0.78. Conversely, failing to maintain support at $0.63 may lead to a decline toward $0.60, potentially resulting in a deeper correction.

The Relative Strength Index (RSI) is currently at 57.17, with an average RSI of 70.54. IMX recently entered overbought territory, which prompted a brief cooldown. The Chaikin Money Flow (CMF) indicator shows -0.11, indicating mild weakness in buying pressure, although the overall momentum remains bullish.

Moving averages support this bullish sentiment; the 50-day moving average is near $0.67, acting as short-term support, while the 200-day moving average confirms a long-term uptrend. A recent bullish crossover between the 50-day and 200-day moving averages further suggests potential continued upside momentum.

The SEC’s decision to drop its investigation has removed a significant regulatory risk for Immutable, allowing the project to regain market confidence. Technical indicators suggest that IMX is consolidating after the recent rally. If the price successfully breaks above $0.70, further gains are likely in the short term. However, traders should remain cautious of potential corrections if the price falls below $0.63.