IMX Faces Selling Pressure as Unlock Nears—Recovery Ahead or Deeper Fall?

IMX breaks below the $0.542 support, triggering a downside move and confirming a bearish triangle breakdown on the 1-hour chart.

A $13.06M token unlock scheduled for August 8 could pressure price further as supply rises and sentiment weakens.

Daily chart shows previous wedge breakouts succeeded, but current selling puts $0.468 and $0.416 support zones at risk.

Immutable (IMX) faces mounting downside pressure after slipping below key support ahead of a major token unlock. The move signals continued bearish momentum as traders brace for heightened volatility into early August.

Breakdown Below Key Fibonacci Support Level

IMX recently broke down from a symmetrical triangle, slipping beneath the 0.382 Fibonacci level near $0.542. The price now trades around $0.509, confirming the bearish momentum. Multiple retests of this support failed, causing the sharp move lower.

The triangle pattern began forming after a strong rally from $0.40 to $0.66 in July. A steady sequence of lower highs pressured the base, which eventually cracked. This technical breakdown was first pointed out by Ali (@ali_charts) on X, where he projected a potential move to $0.47 following the pattern’s failure.

August 8 Token Unlock Adds More Pressure

Besides technical weakness, fundamentals add more weight. IMX will unlock 24.52 million tokens on August 8, equal to 1.30% of its total market cap. This equals roughly $13.06 million in new supply entering circulation.

The data comes from a token unlock chart featured by CryptoRank.io on X, highlighting IMX among August’s top unlock events. Historically, such supply increases can pressure prices, especially when demand is fading. The market is already reacting to this expectation.

Falling Wedge Breakouts Offer Long-Term Hope

While short-term pressure is rising, the long-term view holds some optimism. IMX has a history of bouncing from falling wedge patterns, as seen in late 2024 and early 2025. Those moves triggered strong rallies.

A recent breakout above $0.50 held briefly before fading. Still, the demand zone between $0.33 and $0.50 remains active. If bulls defend it, another reversal could form. Until then, the bearish pattern remains intact.

In short, IMX traders are watching the $0.50 zone closely. Failure to hold could lead to deeper losses. But recovery is still possible if volume and support return.

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