Immutable (IMX) has experienced significant growth in the last 24 hours, with a price increase of over 40%, making it the top gainer in the market. This surge is attributed to the positive sentiment in the crypto market as Bitcoin (BTC) surpasses the important $90,000 mark, leading to a broader market recovery that has benefitted various altcoins.

IMX has reached a 27-day high of $0.65, representing a 41% rise in price within one day. The trading volume for IMX has surged by 761% during the same period, indicating heightened trading activity for the asset.

An increase in both price and trading volume suggests a strong market interest and buying pressure for IMX, affirming the ongoing bullish trend. The asset's price trading above its 20-day exponential moving average (EMA) on the daily chart indicates a positive market sentiment among spot market participants, signaling a short-term bullish trend. Additionally, the Moving Average Convergence Divergence (MACD) for IMX supports this optimistic outlook, indicating potential buy signals.

The Balance of Power (BoP) for IMX is currently above zero at 0.54, indicating that buyers are dominating the market, with strong accumulation and demand surpassing selling pressure. This suggests that the recent price increase is supported by sustained investor interest, potentially leading IMX's rally to $0.79. However, if traders decide to take profits, IMX could reverse its upward trend and decline to $0.34.