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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/imx-experiences-significant-price-increase/" data-wpel-link="internal">IMX Experiences Significant Price Increase</a> 
<a href="https://en.coin-turk.com/crypto-market-in-decline-as-bitcoin-falls-below-28000-whats-the-latest-on-ethereum-eth/" data-wpel-link="internal">Ethereum</a> Layer-2 solution Immutable (IMX) witnessed an impressive price increase. At the time of writing, IMX was trading at $1.24, experiencing a 10.06% increase in the last 24 hours. This onchain <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data analysis</a> explores how the token achieved this rise and what to expect in the coming days. 
<h2 class="p1" style="text-align: justify" id="what-s-happening-with-imx">What’s Happening with IMX?</h2> 
According to the Exchange On-Chain Market Depth, a data measuring trading activity in the order books of the top 20 exchanges, IMX is experiencing an increase in buying pressure. IntoTheBlock data shows that market participants are ready to buy approximately seven million IMX tokens at the current price. On the other hand, the number of tokens waiting to be sold is just over five million. Typically, when bids exceed asks, it indicates that buying pressure outpaces selling volume. Conversely, if the demand side significantly outweighs the bid side, it shows that sellers are in control. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-379910 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/itb-2.webp" alt="" width="1200" height="800"> 
Therefore, the difference between buying and selling pressure supports buyers and, if sustained, could push IMX’s price even higher. However, there is more to consider. A closer look at the holding period of assets shows that the number of IMX holders avoiding selling has increased by 32% in the last 30 days. 
Simply put, a decrease in the holding period indicates that holders are trading or possibly selling the cryptocurrency. This recent increase in the holding period for IMX shows growing confidence among holders and is not limited to just the past week. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-379909 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/imx-veri.webp" alt="" width="1200" height="800"> 
Data also shows that this trend has continued over the last 30 to 90 days, with a triple-digit increase during this period. Avoiding liquidation of holdings is generally a positive sign for cryptocurrencies. Therefore, if this continues and with increasing buying pressure, IMX’s price could contribute to recent gains. If confirmed, the development will reduce losses for IMX holders, currently at 62%. 
<h2 class="p1" style="text-align: justify" id="imx-chart-analysis">IMX Chart Analysis</h2> 
According to the daily chart, IMX is approaching a previous support level between $1.26 and $1.30. The last time the token rose to this region was on July 21, resulting in a price increase to $1.70. Currently, the Awesome Oscillator (AO) is negative but shows green histogram bars. 
AO, a <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">technical analysis</a> tool, measures momentum by comparing short-term and long-term price movements. When AO crosses above the zero line, it indicates bullish momentum, while a reading below it indicates bearish momentum. This indicator is also useful for identifying potential entry and exit points. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-379908 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/imx-grafik.webp" alt="" width="2048" height="1157"> 
For IMX, the presence of continuous green bars, even in the negative zone, indicates a possible shift in momentum from bearish to bullish, potentially serving as a buy signal. However, this signal can turn bearish depending on prevailing market demand and supply. In IMX’s case, demand is increasing, and if it continues or strengthens, the price could revisit the resistance at $1.51. If demand decreases, this prediction may be invalid. If this happens, IMX’s price could drop towards $1.07. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/imx-experiences-significant-price-increase/" data-wpel-link="internal">IMX Experiences Significant Price Increase</a></h5>
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IMX Experiences Significant Price Increase

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