Even though Immutable X (IMX) price is having a very bad day, the forecast for the gaming L2 remains bullish. It seems to have a decent upside despite an explosive surge this month. However, close attention must also be given to Bitcoin.
IMX crypto is still down 88% from its December 2022 lows. However, due to the recent surge, the local market structure is looking very bullish. On Friday, it is having a 1.93% pullback as the capital flows from altcoins to Bitcoin. This effect is confirmed by today’s 0.87% increase in Bitcoin dominance.
Just like other altcoins, Immutable X price had to face ruthless selling pressure after its peak in 2021. However, the cryptocurrency has been up 130% since its September lows and is eyeing more gains in the coming weeks.
The following chart depicts that the bulls are targeting a yearly height of around $1.57. While the price is currently consolidating, it must not be taken as a sign of a trend reversal as the IMX price is still looking pretty bullish.
