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- NFT sales rising , making markets ride along.
- IMX prices rose by nearly 11% in the last 24 hours.
- The volume swelled by 80% in the past few hours.
Immutable X (IMX) has coined itself as the first layer-two scaling solutions for NFTs on Ethereum. Out of 20 unique blockchain networks. Ethereum dominates the past week’s sales for NFTs. More than 300 thousand buyers participated in the NFT market action this past week. As the NFT market evolves, Immutable X will grow and tag along to rise with the matching pace.
According to the Tweet by the co-founder, Robbie Ferguson, nearly $1 billion was invested in the games building on IMX. it further mentions the games were mostly out of many other blockchains, including the giants.
The Chart Tale
The IMX prices have formed a bull run and have reached the pre-FTX levels. The volume showed not very drastic volatility, whereas the OBV sloped up to depict the pressure as positive. The price rocket has claimed all significant EMAs and currently holds a spot above them. According to the previous swings, the price of $0.70 is expected to rest near $0.80.
The CMF moves to the higher ranges in the positive regions to set the market in a bullish trend. The MACD records ascending buyer bars while the lines diverge for the bulls. The RSI hangs in the overbought zone to reflect the strong buyer pull in the market.
The Peephole
The smaller time frame study suggests that prices are to rise forming steps as the sellers turn active to book profits. The CMF oscillates about the baseline to show a blend of influence. The MACD records active buyers participating in the market as the diverging lines widen under their influence. The RSI bounces in the upper half to mirror the buyer pull.
Conclusion
The IMX market shows potential to surge with the developments in the NFT market. It is also influenced by the rising ETH values which are recovering after the FTX meltdown. The IMX holders must watch out for the rally reaching near $0.80.
Technical levels
Support levels: $0.37 and $0.27
Resistance levels: $0.80 and $1.03
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
