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- 1 The first person shooter game “Undead Blocks” is launching on ImmutableX
- 2 IMX token price shot up 11% on the weekly basis and formed a bullish continuation pattern
- 3 IMX token price sustained above 200 day EMA and displayed a golden EMA crossover
ImmutableX (IMX) token came into the spotlight when Wagyu Games Executive director Grant Haseley launched a Kill to Earn zombie game “Undead Blocks” on ImmutableX which got huge participation in the Beta mode.
According to Wagyu data, 100,000 players have tried the game in the past quarter. However, “Undead Blocks” is still in the Beta but it already held a $150,000 tournament for over 7500 players and has roughly 2500 daily active users.
ImmutableX (IMX) token price is trading with the bullish cues and bulls are trying to hold the price above both the important EMAs to keep the positional trend in the upward direction. Currently, IMX/USDT is trading at $1.098 with an intraday gains of 3.88% and the 24-hour volume to market cap ratio at 0.11
IMX prepares for the next phase of the rally?
ImmutableX (IMX) token prices are in uptrend and rising upward by forming higher high candles shows the confidence of the investors and seems like prices are returning back to the bullish track. Recently, Grant Haseley has launched Kill to earn zombie game “Undead Blocks” on ImmutableX which has created a buzz in the gaming community and got huge participation in the beta mode.
In the beginning of February, IMX prices sustained above the 50 day EMA and slowly it picked up an upside momentum which triggered the positive sentiment and prices rallied 106% approx in the short period of time. However, the rally took halt at the $1.292 and formed a bearish engulfing candle which also indicates that bears are getting active on the higher level. Therefore $1.292 will act as an immediate hurdle for the bulls and if buyers succeed to push the prices above the hurdle level then it might begin the journey to reach $2.000 mark.
Meanwhile, IMX token prices are still above the 200 day EMA which shows that the positional trend remains in the favor of bulls and any short term correction will have a high probability of bouncing back from the demand zone at $.800 to $0.600 level. Moreover, the technical indicators of the IMX like MACD curve is reversing north and on the way to generate a positive crossover and the RSI at 59 sloping upward denotes that more room for upside is open for the bulls.
Summary
ImmutableX (IMX) token prices are in recovery mode and expected to see outperformance in the coming months. However, if the overall market sentiment turns negative then IMX might consolidate in the wide range between $0.800 to $1.300 level before deciding the further direction.
Technical levels
Resistance levels : $1.300 and $1.800
Support levels : $0.800 and $0.600
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
