Immutable (IMX) Price Risks New All-Time Low Despite RavenQuest Success
Key Takeaways
- ImmutableX (IMX) trades just 20% above its all-time low.
- The price broke down from the long-term $0.50 support area.
- Will the IMX price decrease continue to a new all-time low?
- Interested in buying or selling IMMUTABLE (IMX)? Read our review of the best exchanges to buy and sell IMMUTABLE (IMX).
Immutable has had a tough time since its all-time high in 2021, trading in a consistent downward trend.
Recently, the gaming blockchain succeeded with the launch of RavenQuest, which had its Token Generation Event (TGE) exclusively on Immutable on April 2.
Despite its success, the IMX price is toling toward a new all-time low.
Can RavenQuest’s success act as a spring, preventing a new all-time low, or will Immutable continue falling this year? Let’s examine the charts and find out.
RavenQuest Debuts
Ravenquest launched on March 14 and has become the most-streamed Web3 game ever.
So far, it has generated over 1.74 million in-game transactions, 1.65 million Twitch views, and more than $350,000 in NFT collection volume.
RavenQuest’s TGE was held exclusively on Immutable on April 2 and was wildly successful, with users gathering to celebrate it in the game.
Only 7.5% of the token supply was unlocked on day one, while over 50% will go to community rewards.
The Quest token had its TGE price at $0.06 and is already trading at $0.128.
IMX Price Loses Key Support
The IMX price has fallen since its cycle high of $2.71 in March 2024. The high was well below the all-time high of $9.31.
The downward movement has been constant except for a 119-day bounce between Aug-Dec.
IMX’s decrease accelerated afterward, and the price confirmed its bearish trend, breaking from a long-term ascending support trend line in February 2025.
This week, IMX is closing below the $0.50 horizontal support area, the final support before the all-time low of $0.375.
Technical indicators are bearish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) trend downward and are below 50 and 0, respectively.
So, the weekly time frame suggests the IMX price will continue falling until it reaches a new all-time low.
New IMX All-Time Low
The long-term wave count gives a bearish IMX prediction, indicating that a new all-time low is around the corner.
The most likely count shows that IMX has completed an upward A-B-C structure (green)
Then, it began a five-wave downward movement (red). It is currently in wave three, the sharpest of the bearish waves.
If wave three is 1.61 times as long as wave one, IMX will reach a low of $0.22 before bouncing.
The target also coincides with the 1.27 external Fibonacci retracement of the previous upward movement.
Afterward, the IMX price could bounce significantly before resuming its descent to new lows and completing wave five.
2025 Will Be Bearish
The IMX price has fallen significantly since its cycle high trades incrementally above its all-time low.
The price action, wave count, and technical indicators all provide bearish readings.
If IMX reaches a new all-time low, the next closest Fibonacci support will be $0.21.
