Immutable and its native IMX token deviate from the current cryptocurrency market downturn triggered by declines in Bitcoin and Ethereum. While most prominent gaming tokens have followed suit, experiencing a decrease in value since late Sunday, this pattern highlights the interconnected nature of digital assets.
Despite market volatility, the IMX token fights the downward pressure and continues its previous upward trajectory, demonstrating a unique resilience and potential decoupling from cryptocurrency correlation.
Immutable’s IMX Hits $2 Milestone
The trajectory of Immutable’s IMX token has been characterized by a rapid and substantial increase in value since October. This upward movement reached its zenith today, as the IMX token breached past the key $2 level.
At the time of writing, IMX was trading at $2.01, up 42% in the last seven days, data from CoinMarketCap shows.
Such a peak represents a significant milestone for the token, as it marks a level that had not been reached since April 2022. This extended duration underscores the significance of the current price surge, suggesting a notable departure from the historical price trends of the IMX token.
IMX seven-day price action. Source: CoinMarketCap
With a market valuation of more than $2.8 billion, Immutable X is one of the largest layer-2 networks globally. It is a network that is essential to the non-fungible token (NFT) and gaming industries.
The organization has collaborated with some of the major names in the gaming sector in the last few years. Companies like Merit Circle, Illuvium, Unity, Ubisoft, and StarkWare are a few of the most renowned partners.
In an effort to transform gaming on Beam in the future, the network has partnered with Merit Circle DAO and GameStop, two of the biggest American retailers.
IMX market cap currently at $2.599 billion. Chart: TradingView.com
In order to establish Transak as the “principal payments partner” for Immutable Checkout on the zkEVM network, Immutable established a new partnership with the payments processor on Monday.
Because of Immutable X’s low transaction costs, Ethereum-grade security, speedy transaction rates, and user-friendliness, developers adore it. Additionally, it contains all the tools required by developers to create scalable games, including Orderbook, Marketplace, Checkout, and Passport.
IMX Price Prediction
With 18 of the 30 (or 60%) green days and 11.72% price volatility over the past 30 days, Immutable X is still attracting the interest of investors. Likewise, Immutable’s future appears bright as 27 technical indicators are glowing green.
IMX price forecast. Source: Coincodex
The CoinMarketCap ranking of the IMX token has increased to 29th. The spike is in reaction to VanEck’s claim that the introduction of new blockchain-based video games, such Illuvium, which is due out next year, may raise the value of the IMX token.
Immutable has also been trying to fix many of the technological pain points that have hampered the success of Web3 gaming thus far, according to VanEck.
Meanwhile, Coincodex’s current Immutable price prediction indicates that this week’s price of Immutable will fall by -7.18% to $ 0.003929.
IMX Greed Index. Source: Coincodex.
The coin’s technical indicators show a bearish attitude at the moment, despite the Fear & Greed Index hitting 65 (Greed).
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