IMX aims for the milestone of 1 USD as the NFT sector explodes

* IMX increased by 17% with a potential increase of 68% in the breakout.

• Liquidity and growth in the NFT sector drive the increase of IMX.

In the past 24 hours, Immutable [IMX] has led the cryptocurrency market with a 17% increase.

This uptrend has been maintained for over four weeks. Analysis from TinTucBitcoin shows potential for further increases as market activity continues to push prices upward.

IMX breaks through, but there's much more to it

IMX has broken through the resistance level, resulting in a price increase over the past 24 hours.

Market analysis indicates that this breakout is just the beginning of a larger rally, as IMX trades within a cup and handle pattern.

Typically, assets traded in this model will experience a price increase reflecting the previous downward trend.

Source: TradingView

After that, IMX could increase by 68%, reaching a level of 1.064 USD. This price surge could signal a larger rally in the market.

Why will there be a surge?

The potential for an IMX rally has strengthened due to high liquidity inflows into the market.

TinTucBitcoin has confirmed this based on the Money Flow Index (MFI), which is in the positive range (50-80), with the current reading at 72.82.

This high reading confirms that the inflow of money into IMX remains strong, increasing the likelihood of an additional price rally.

Source: TradingView

It is important to note that when the MFI reaches 80, it indicates that IMX is overbought and there is a potential for a price correction.

Additionally, the Aroon indicators remain positive, with the Aroon Up ( in orange ) above the Aroon Down ( in blue ).

Aroon Up is at 35.71%, while Aroon Down is at 0.00%. This confirms that the uptrend is still ongoing, and the price increase remains intact.

The Basic Factors Driving Cash Flow

The flow of money into IMX is related to the growth of the NFT application sector, a segment that IMX belongs to.

According to Artemis, the NFT application sector is currently the third fastest-growing segment, at 47.6%, following the Bitcoin ecosystem and the AI sector.

Source: Artemis

This growth indicates a renewed interest from investors, particularly in assets with the potential for higher returns, with IMX being the top choice.

The continuous development in this field indicates that IMX will continue to attract capital flows, adding momentum to the potential rally.

Thank you all for reading this article!

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