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’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)
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.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
