Immutable IMX Token Soared Almost 15% Following the Company’s Disclosure That the U.S. Had Accepted It

Following the company’s disclosure that the U.S. had accepted it, the Immutable IMX token soared almost 15% on March 25.

The Immutable (IMX) token price rose nearly 14% on Monday as the Securities and Exchange Commission (SEC) closed its probe into the company without any charges.

This is a considerable regulatory win for Immutable X, a layer-2 blockchain focusing on Web3 gaming. The token had risen to lows of $0.46 on March 11 as part of broader cryptocurrency market trends.

However, the SEC’s probe, which began last year with a Wells notice, had raised questions about potential enforcement actions.

Its closure without charges could enable Immutable to leverage this speed to drive IMX higher, or will market circumstances limit its growth?

IMX Price Chart

After bouncing off support at $0.620 on Monday, the Immutable IMX token is consolidating. The token saw a steep price increase as the SEC closed its probe into the company without identifying any legal infractions.

The SEC’s probe into Immutable had begun last year with a Wells notice, raising questions about potential enforcement actions.

This is a significant victory for web3 gaming and digital ownership, according to Immutable’s management.

However, the token touched highs of $0.740 on Monday before retracing. This move is part of a broader triangle pattern on the 4-hour chart, which suggests that there could be more volatility in the short term.

If buyers can push the token above the 200-hour moving average, then a move to the 0.382 Fib retracement level of the 2023 down move at $0.78-$0.80 is possible.

Alternatively, if sellers return and break the support at $0.62-$0.64, then a move to the 0.236 Fib retracement level at $0.58 is possible.

Despite the lack of momentum, there is strong buying activity on dips in the recent market activity. This is in contrast to the resistance at the range of $0.74-$0.76, which has seen some profit-taking.

Ultimately, IMX’s next direction will depend largely on the overall cryptocurrency market sentiment and Immutable’s expansion in the Web3 gaming sector.

With this regulatory ambiguity now cleared, can Immutable capitalize on this momentum, or will macroeconomic conditions and market forces cause another pullback? Only time will tell.