$IMX has been noticed in the market, with some crypto enthusiasts referring to it as a “value capture masterpiece”.
The $IMX token is associated with Immutable, a platform that is betting on the increasing demand for gaming. The belief is that the first billion users of blockchain technology will be gamers, and if this prediction holds true, $IMX is poised to thrive.
The token has been showing promising signs, with a lovely range established recently. Some traders are keeping a close eye on it, waiting for the right moment to enter the market. The focus is on a super tight, solid entry, with no rush as the pumps are expected to come.
Others are looking for a specific trigger entry. If the high that was recently rejected can be flipped into support, it could be a good time to enter the market.
In addition, some traders are closely monitoring the $IMX price, stating that it’s a good time to go long if $0.8400 becomes support. The token is forming an inverse Head and Shoulders (iH&S) pattern on both the 1D and 4H timeframes, which is a bullish signal.
The token has also seen a breakout on the 1D timeframe and has bounced from the Point of Control (POC). It has reclaimed the 200 Exponential Moving Average (EMA) on the 4H timeframe and is currently retesting. If successful, and if it manages to flip the 1D resistance, it could lead to a significant price increase.
Interestingly, part of the community has noticed that the logo of Immutable looks similar to Twitter’s new logo. However, this has yet to have any noticeable impact on the $IMX price. Some speculate that it might not be the right time for such an effect to take place.
As of the latest data, the price of $IMX stands at $0.7955, marking a 9.36% increase in the last 24 hours. This price performance is backed by a substantial 24-hour trading volume of $155,730,717, which has seen a staggering increase of 1020.28%.
The market capitalization of $IMX has also grown, currently standing at $860,663,808, placing it at the 45th position in the global cryptocurrency ranking. The circulating supply of $IMX is 1,081,888,200 tokens out of a maximum supply of 2,000,000,000 tokens.
Immutable X positions itself as the first layer-two scaling solution for NFTs on Ethereum. It aims to overcome Ethereum’s limitations such as low scalability, poor user experience, illiquidity, and a slow developer experience. Instead, users benefit from instant trading and massive scalability while enjoying zero gas fees for minting and trading NFTs without compromising user or asset security.
The platform is built with STARK zk-rollups, a technology that Ethereum co-founder Vitalik Buterin considers Ethereum to be “all-in on.” Thanks to this technology, users will be able to create and distribute assets like ERC-20 and ERC-721 tokens on a massive scale.
Immutable X is already being utilized by projects like Gods Unchained, with the game Director stating that Immutable allows them to implement a new meta-system that was previously impossible. In this fashion, Immutable aims to create a world-class experience for users and developers alike.
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