IMX price faces the risk of dropping to the key $0.35 support level as the upcoming token unlock adds pressure to an already bearish technical setup. Summary IMX price has pulled back 25% from its July high, breaching the 20-day EMA and nearing the 50-day SMA support. A descending triangle pattern with $0.35 support increases the risk of further bearish breakdown, especially with the August 8 token unlock releasing 24.52 million IMX tokens. Holding $0.35 and breaking above the upper trendline could form a triple bottom and trigger a bullish reversal toward $0.67 and higher. Immutable (IMX) price continues to tumble after a nearly 100% rally from $0.34 on June 22 to $0.67 on July 19. Since that peak, IMX price has pulled back around 25%, currently trading at $0.51. Importantly, the price has recently breached below the 20-day EMA, signaling a shift in short-term sentiment. The 50-day SMA is now acting as dynamic support, with IMX price still hovering just above it — though it’s dangerously close to breaching it, too. More importantly, the price action over the past few months has formed a descending triangle pattern, a structure typically associated with bearish continuation. The triangle is defined by lower highs, forming a downward-sloping resistance trendline, and a horizontal support zone near $0.35, which has already been tested twice. A third approach toward this support level increases the risk of eventual breakdown. Source: TradingView You might also like: Why is crypto down today? Liquidations hit $629M as BTC, ETH, XRP dip Immutable X price prediction The scenario where that support is tested again is further reinforced by the upcoming IMX token unlock, scheduled for August 8, just under a week from now. During this unlock event, 24.52 million IMX tokens — equivalent to 1.30% of the circulating supply and valued at approximately $12.39 million — will be released into the market. While not an unusually large unlock, it adds to near-term supply-side pressure, especially given the already fragile technical setup. However, if Immutable X price tests the $0.35 support level once again and bounces from it, it would mark the third successful defense of that zone — effectively forming a triple bottom pattern. If IMX price rallies and breaks above the upper trendline of the descending triangle after that, it could signal a bullish reversal, invalidating the triangle’s bearish bias. Such a breakout would likely attract fresh buying interest, potentially driving the price toward recent highs near $0.67 and beyond. You might also like: TRON becomes primary settlement layer for Tether’s USDT, data show