Cup Pattern Targets $0.35 As IMX Clears 50 EMA
The post Cup Pattern Targets $0.35 As IMX Clears 50 EMA appeared on BitcoinEthereumNews.com.
Immutable surges 5.34% to $0.2921, breaking above the 20 and 50-day EMAs as buyers defend the December low at $0.215. A cup pattern on the hourly chart targets $0.35, aligning with the 100-day EMA resistance zone. Q1 2026 roadmap catalysts including zkEVM general availability and Passport Dashboard launch support the recovery thesis. Immutable price today trades near $0.2921 after posting a 5.34% gain to break above the 50-day EMA. The move marks the first close above this level since October, shifting short-term momentum toward buyers as a bullish pattern develops on lower timeframes. Buyers Defend The December Low The recovery builds on a successful defense of the $0.215 support tested on December 19. That level marked the lowest price since early 2024 and attracted buyers who have now pushed IMX up 35% from the bottom. NFT sales volume on the Immutable platform surged 37.41% recently to $88.29 million, suggesting that ecosystem activity is recovering alongside price. When on-chain metrics improve with price, rallies tend to have stronger follow-through. The token unlock schedule ended in 2025, removing a persistent source of selling pressure that weighed on price throughout last year. With all 2 billion tokens now circulating, supply dynamics shift in favor of holders. Cup Pattern Forms On The Hourly Chart The hourly timeframe shows a textbook cup formation developing since January 6. Price carved a rounded bottom between $0.24 and $0.30, with the right side of the cup now testing the neckline resistance. The pattern projects a measured move toward $0.35 if the breakout confirms. That target aligns with the 100-day EMA at $0.3513, creating a confluence zone that will determine whether this rally extends or stalls. Supporting indicators favor continuation. RSI sits at 64.22, showing bullish momentum without reaching overbought territory. MACD remains above the signal line with a…
Filed under: News - @ January 17, 2026 2:31 pm