Immutable X (IMX) has shown significant gains, rising 8.99% against the US Dollar in the last 24 hours and outperforming the broader cryptocurrency market. Despite this short-term bullish trend, the market sentiment remains cautious. IMX is currently trading at $1.64, which is 23.24% below the predicted value of $2.14 for October 19, 2024.

While the Fear & Greed index reads neutral at 48, indicating a balanced investor sentiment, the long-term outlook is less optimistic. IMX has experienced high volatility, with a 1-month volatility rate of 10.38%. The coin's price remains below key resistance levels, suggesting potential downward pressure.

Investors should remain vigilant, as the cryptocurrency market is inherently unpredictable and subject to significant fluctuations.