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The immutable protocol has been seeing stagnation in the overall TVL while the token price is trading near $2.39, with a gain of 14% in seven days.
Immutable is one of Ethereum’s first layer 2 scaling solutions for NFT. Their blockchain removes Ethereum’s limitations, such as low scalability, user scalability, liquidity, and poor developer experience. They provide users instant trading and zero gas fees for trading and minting NFT without comprising the asset.
Immutable has also provided integrated credit card payments, incredibly attracting gamers. Meanwhile, one can build a carbon-neutral NFT with Immutable Mint, and their order book can instantly propagate any NFT to every marketplace in their network.
The platform has Ethereum-grade security with simple API and SDK, making it one of the best layer 2 platforms in the market.
The Stagnation Of Immutable TVL
Immutable platforms have attracted a lot of investors and traders in their journey. Meanwhile, with this growth, the platform has seen no increase in its TVL. The current TVL of IMX is at $40 Million, and it has seen no significant growth since January 2023.
The platform has observed no net inflow or significant outflow in the last few weeks. If we look at the developer’s count of platforms, then it has also been stagnant, with nearly 8 with very low commits daily.
IMX has a total of 84,447 holders, according to data from Etherscan. The token has a supply of 1,456,815,249 IMX, with 72% circulating in the market. The immutable platform is seeing a decline in active users every month and is near 9200.
IMX token will also observe a token unlock in the next 10 days.
The Immutable team will release 1.75% of the total circulating supply, worth around $56.93 Million. This can put the selling pressure on the asset shortly.
Are Bulls Of IMX Ready For A Run?
Immutable has a market cap of $3.3 Billion and is ranked 36th per the coin market cap. IMX token price is trading near the value of $2.29, with a drop of 3.44% in the intraday session. The digital asset price has formed strong bullish candles on the daily chart. IMX is currently trading below the 50 and 100 EMA with a negative crossover in the past.
These EMAs can act as a resistance for the upside momentum. Meanwhile, an upside momentum halt can be seen near $3 and support near $2.
The RSI of IMX is at 51 with a strong positive slope, suggesting its presence in the neutral zone. The overall sentiment of the indicator is weakly bullish. Meanwhile, MACD also hints at a weak bullish trend in the future.
Conclusion
Immutable platform is one of the most significant layer 2 platforms for NFT. The number of active users and the TVL has taken a plunge in the past month. IMX token price is currently observing a weak bullish trend, and a new high can be seen in the future.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
