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ImmutableX Makes Noise As IMX Dominates Top 50 Roster With 33% Climb

The price surge of ImmutableX (IMX) came as a surprise to the market, as the altcoin took the lead in the cryptocurrency market rally on Friday. The alternative cryptocurrency reached its highest point in 45 days and successfully transformed several resistance levels into stable support levels.

IMX reached a peak of $0.77, marking a 33% increase from its starting price. Nevertheless, this upward momentum couldn’t be maintained, and there’s now a potential threat to the breakout from a descending resistance line for IMX.

The notable surge in the price of IMX can be attributed in part to the implementation of the IMX-Korean won trading pair on Upbit, a cryptocurrency exchange based in South Korea.

Significant Boost For ImmutableX

The inclusion of this listing on Upbit resulted in a significant boost, accounting for over 35% of the global trading activity for IMX. This allowed direct trading with the Korean won and increased South Korean trader interest in BW.com.

According to data source Coingecko, the IMX-Korean won (IMX/KRW) pair listed on South Korea’s Upbit exchange accounted for roughly 20% of worldwide activity, followed by Binance’s IMX-tether (IMX/USDT) pair, which contributed 7% to total volume.

A number of Upbit wallets absorbed millions of dollars’ worth of IMX, according to the Web3 data research application Lookonchain, even though the precise reasons driving up the price are yet unknown.

Whales are essential to the dynamics of the market since they own about 87% of the circulating supply of IMX. Their presence can cause losses for other investors, and their activities have a major impact on the market.

The number of significant transactions (those over $100,000) has been quite modest in recent weeks, averaging about $7 million, with sporadic little rises occurring every few days. Whale trades barely reached $22.6 million in the last 24 hours.

At the time of writing, IMX was trading at $0.66, up 33% in the last seven days, data from crypto market tracker Coingecko shows.

IMX Derivatives Short-Selling

Meanwhile, according to the data provided by CoinGlass, there is evidence of traders actively engaging in short selling of IMX derivatives. This is evident from the notable increase in negative funding rates observed on perpetual swaps.

Despite the recent surge, the native token of ImmutableX remains far below its all-time highs recorded during the crypto market bull run at the end of last year. IMX hit an all-time high of more than $9.30 at that time.

Although the price of the IMX has demonstrated considerable strength, investors should be vigilant for indications of sustained momentum above important support levels and be wary of any potential pullbacks.

While the positive signs suggest IMX could remain a market challenger, traders should always put risk management first.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

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IMX Spikes 10% In Last 24 Hours – Will It Start The Week Strong?

IMX (ImmutableX) has been on a roll lately, being one of the few altcoins to have significant gains in the past month or so.

According to tracking by CoinGecko, IMX was up 10% in the daily timeframe with its biggest gain at the weekly timescale at nearly 19%. 

IMX: What Drove Prices Up? 

Although the past year saw the token drop by 87%, it also saw some significant developments for the L2 ecosystem. For their push to become the leading competitor in the NFT space, Gamestop partnered with ImmutableX for their NFT marketplace. 

This placed ImmutableX on the spotlight as it was just a startup company back then. Both companies also created a $100 million fund for NFT developers to boost their projects if granted. 

The partnership created buzz around the time as this sort of legitimized NFTs in the eyes of gamers and collectible enthusiasts as NFTs sought an audience with this crowd of consumers.

But with NFT interest dwindling, the technology will continually be a hard-sell to consumers as it is still in its infancy. 

The real growth, however, is in the GameFi space. According to ImmutableX, the ecosystem edged Polygon in terms of exclusive on-chain GameFi development with ImmutableX catching up on cross-chain development. 

These developments are also courtesy of Immutable’s previous wins. Most notable of these is the $200 million that they raised during its Series C funding with gaming industry companies and venture funds. 

IMX Riding Bullish Momentum

ImmutableX’s native token IMX seems to be riding the bullish wave that’s taken over major cryptos Bitcoin and Ethereum. As of writing, the two are up 1.5% and 2.5%, respectively. 

This is a good wave for IMX to ride on. However, this manifests a very real risk of a huge correction if macroeconomic indicators show a worsening economic situation.

But with the White House announcing that the economy is heading for a soft landing, investor sentiment should reverse back to positive on both stocks and riskier assets like cryptocurrencies. 

For IMX to continue its bullishness, the token needs to break its sideways movement that formed because of FTX’s collapse. The primary resistance level at $0.4726 should be broken as this was the main resistance that kept the price downwards. 

With major cryptos going bullish, IMX riding the wave to break through this resistance can help it turn $0.4726 to support. Investors and traders, however, should keep watch as the Consumer Price Index (CPI) will be released this week. 

If the CPI stagnates and remains high, the U.S. Federal Reserve might be on another interest rate hike later this year. 

-Featured Image from TechFi