The cryptocurrency that grew by 40% per day is named

Cryptocurrency analysts have singled out the ImmutableX (IMX) token, which has risen significantly over the day, reaching $ 0.77. According to researchers, the price of IMX has increased by 40%. However, the growth could not be sustained, and the IMX token has now dropped by 3.7% in 24 hours.

The price of IMX has been inside a descending wedge since reaching an annual high of $ 1.59 on March 18. The descending wedge is considered a bullish pattern, so a possible breakout from it is the most likely scenario for the price in the future. The decline ended on September 12, when the cryptocurrency rebounded, confirming the $ 0.50 horizontal area as support. The price of ImmutableX did not fall to the wedge support line, which is considered a sign of strength.

The token price has risen since the breakout and accelerated its growth on September 21. However, after reaching a high of $ 0.77, ImmutableX failed to sustain the growth. On the contrary, it has created a long upper wick and now risks falling below the resistance line and thus invalidating the breakout. If this happens, IMX will return to the $ 0.50 support area, which means a 25% drop from the current price. On the other hand, if the breakout is confirmed, IMX could rise to the $ 1 resistance zone.

ImmutableX (IMX) is a Tier 2 scaling solution for NFTs on Ethereum. The project offers instant confirmation of transactions and almost zero fees for minting and trading NFTs.

ImmutableX cryptocurrency was included in the list of the most promising altcoins for investment, according to @AltcoinGordon. In addition to IMX, the rating includes: Constellation, Nakamoto Games, Render Token, Injective, Solana, and Aleph Zero.