IMX: Bulls Pummel The Bears With A 10% Uptick This Week
July 23 2024 - 3:30PM
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Crypto gaming is making a comeback with Immutable leading the
charge. This led IMX, the native token of the platform, to give
strong bullish signals, giving investors and traders a substantial
10% uptick since last week. Related Reading: ‘Early Signs Of
Breakout’ – Solana To Explode By 900%, According To Analyst The
move was supported by an increase in activity within the Immutable
network itself, with more than enough game announcements since last
week. Hype aside, Immutable is currently solidifying its position
within the crypto gaming industry. Major News For The Crypto
Gaming Industry Immutable’s platform for the crypto gaming
industry has been proven effective. With an active roster of over
200+, its growth continues to attract more developers to build
games on Immutable. Immortal Rising 2 was recently announced
that it will be released on Immutable, bringing more attention to
the platform with Planetarium Labs CEO and Founder JC Kim stating
in a recent interview he’s “excited to join forces with Immutable”
which will help them deliver “cutting-edge gaming experiences,” for
users. “We are excited to join forces with Immutable to build
Immortal Rising 2. This partnership marks a significant milestone
in our mission to deliver cutting-edge gaming experiences,”
Planetarium Labs CEO and Founder JC Kim said in a recent
interview. This move came after Immortal Rising 2’s success
in South Korea and the global gaming market, with over 2 million
downloads and a $24 million revenue. Onboarding a hotshot of a game
on Immutable will bring more than enough capital to improve its
systems. Immortal Rising will hold a second closed beta test with
an evaluation occurring today, July 23rd, for the CBT
applicants. Another bombshell for Immutable is from a recent
blog post that was released today. According to their metrics, over
380+ games are currently in development on Immutable’s platform.
They also boasted the platform’s zero-knowledge Ethereum virtual
machine (zkEVM) is one of the fastest growing chains “in history”
with over 2.2 million active users. This is a strong
indicator that industry-wise, Immutable has a trustworthy platform
for developers to use, thus giving investors and traders confidence
that IMX is a worthwhile investment. Will Your Portfolio Be
Evergreen? IMX’s current position is somewhat unstable and safe at
the same time. The $1.458 support level has held since the later
part of June, but the $1.706 resistance has also held its ground
against the bulls. If the bulls have a chance of getting through
$1.706, any major market action done by the top cryptocurrencies
could influence the price whether for the better or for worse.
Related Reading: Chainlink Inches Closer To $18 Despite Bearish
Pressure – Analyst However, if the bulls can break through $1.706
they will have an open road toward the ~$2 mark. Keeping this in
mind, investors and traders should hold until any sign that the
market slippage today is only temporary and not a prelude to worse
things to come. But with the positive on-chain news it has this
month, there is a chance IMX will go against the grain of a market
downturn and continue its rise. Featured image from
Bloomberg, chart from TradingView
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