ImmutableX price rallies 16% while Bitcoin, Ethereum and Ripple consolidate

ImmutableX price has shot up in the last two hours, clocking in 15% gains for the day.
This spike in market value comes as Bitcoin continues to oscillate between the $29,000 and $30,000 levels.
In roughly two weeks, IMX tokens worth $15 million will be unlocked, increasing sell-side pressure.

Akash Girimath FXStreet

ImmutableX (IMX) price saw a massive surge in buying pressure after a huge uptick in interest from traders. This outlook comes as Bitcoin price continues to trade sideways, hugging the $30,000 psychological level. Considering the way altcoins are pumping and dumping, this uptick could also be short-lived, with the possibility that these gains are undone quickly.

Also read: Synthetix price crash scare leads to liquidation from investors as open interest falls by 20%

ImmutableX price explodes after rally in open interest

ImmutableX (IMX) price rallied 16% in less than three hours on Friday, increasing from $0.722 to $0.842. This uptick can be attributed to the massive 248% upswing in Open Interest. The number of contracts saw an increase to $21 million.

As Bitcoin consolidates, Ethereum and Ripple follow suit. But traders are likely getting bored with the ongoing rangebound movement, which has established a highly volatile environment for altcoins.

Most double-digit gains in altcoins are often undone quickly. IMX could also experience the same.

IMX/USDT 1-hour chart

Bitcoin price consolidates

Bitcoin price shows no signs of providing directional bias as it trades between the $29,000 and $30,000 levels. The short-term outlook predicts BTC could drop down to key support levels at $28,138, $27,330, and $26,767.

While these support floors are critical, Bitcoin price needs to stay above the $24,777 support level. A breakdown below this level would create a lower low and invalidate the bullish thesis. Such a development could see BTC drop down to $24,267 and $21,313.

BTC/USDT 1-day chart

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Author

Akash Girimath

FXStreet

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

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