Immutable (IMX) Surges 8% as SEC Closes Investigation

The Relative Strength Index (RSI) currently stands at 57.17, with an RSI average of 70.54. IMX recently entered overbought territory, prompting a brief cooldown. The Chaikin Money Flow (CMF) indicator sits at -0.11, suggesting mild weakness in buying pressure. However, the momentum remains largely bullish.

Moving averages further support this sentiment, as the 50-day moving average is holding near $0.67, acting as a short-term support level. The 200-day moving average remains lower, confirming a longer-term uptrend. A recent bullish crossover between the 50-day and 200-day moving averages also strengthens the case for continued upside momentum.

The SEC‘s decision to drop its investigation has eliminated a significant regulatory risk for Immutable, allowing the project to regain market confidence. IMX’s technical indicators suggest that the token is consolidating after its rally. If it successfully breaks above $0.70, further gains are likely in the short term. However, traders should remain cautious of potential corrections, especially if the price drops below $0.63.