The native token of Immutable, IMX, has reached a crucial support level of $1.05 amid a bearish market sentiment. This support level has historically triggered upward momentum for the altcoin, leading experts and analysts to anticipate a similar rally in the future. IMX is currently trading below the 200 Exponential Moving Average (EMA), indicating a downtrend. However, if IMX holds above $1.00, it is expected to soar by 60% to reach the $1.70 level. On-chain analytics show significant participation from long-term holders and crypto whales, with a surge in large transaction volume. The major liquidation levels for IMX are near $1.02 and $1.105, with traders over-leveraged at these levels. If the price falls below $1.02, long positions worth $365,380 will be liquidated, while a rise to $1.105 will lead to the liquidation of short positions worth approximately $425,170. Overall, investors appear bullish, but intraday traders are taking advantage of the bearish sentiment.



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