Immutable [IMX] experienced a 13% surge in price over the past day, according to reports from AMBCrypto. The cryptocurrency's price movement has been accompanied by increased trading activity, with the sentiment indicator remaining neutral - showing that neither bulls nor bears have gained clear conviction in the market. The current price surge represents a significant move for the token, though investors remain uncertain about whether speculation is driving the rally or whether bulls have established a strong foothold in the market.
According to AMBCrypto's analysis, trading volume has risen over 105% to $30 million at the time of the report. The majority of this volume has been led by three exchanges: HTX, Binance, and Upbit, which collectively drive more than 30% of IMX volume in the market. The presence of HTX and Upbit suggests that Asian investors currently drive a significant share of the trading volume, with both exchanges accounting for 19.66% of the market volume.
The Open Interest-weighted Funding Rate remains positive at 0.0040%, as reported by AMBCrypto, indicating that long traders have a large dominance in the market. This positive Funding Rate suggests that investors have not taken on excessive exposure, which could help support price stability. Additionally, Netflow crossed $243,000 in the past 24 hours, showing growing capital inflow into the perpetual market despite the massive price surge. This capital inflow is unusual, as it typically dominates when there's a massive price surge, but in this case, investors increased their exposure.
Despite the positive indicators, AMBCrypto identifies spot selling as a key threat to further price surge, with spot Netflow reaching $364,000 in the past day as investors capitalized on gains. More concerningly, the price surge liquidated more long positions than short positions over the past 24 hours, with longs losing roughly $31,000 while shorts lost $21,000. This reversal of typical bullish market conditions should serve as a caution for investors, as it suggests that long traders are experiencing more losses than short traders during the current rally.
