Immutable Beats The Market, With IMX Up 12% In Just 7 Days

Posted by cryptonews Crypto News August 30, 2024 2.6k Views

As the cryptocurrency market experiences a corresponding 1.5% loss today, Immutable’s price has decreased by 2% over the last 24 hours to $1.45.

The Immutable price is now at $1.45, down 2% from the previous day, while the cryptocurrency market has lost 1.5% today as well.

IMX has outperformed the market over the last two weeks, rising by 27%, but it has managed to hold onto a 12% gain over the last seven days.

These increases are encouraging for the layer-two coin, which has also increased by 155% in the last year due to ImmutableX’s expansion as a Web3 gaming platform.

Furthermore, the Immutable price may make a significant comeback very soon as the market is expected to move into more bullish territory over the next few months.

Immutable Outperforms The Market As IMX is Up 12% In 7 Days

In terms of its chart and indicators, Immutable is still in a strong position, indicating that more gains could be forthcoming before a potential correction.

For example, its 200-period average (blue) has been below its 30-period moving average (orange) for more than a week, and it has started to rise again after a brief decline a few days ago.

Source: TradingView

While IMX’s relative strength index (purple) has also slightly decreased over the last few days, it has now returned to 50, indicating continued momentum.

The coin’s resistance (red) and support (green) levels are convergent, suggesting that a breakout may occur in the coming days. This puts the coin in a good position to resume growth soon.

Additionally, some analysts believe that its medium-term decline since the end of July—along with its decline since mid-March—have primed it for a significant rebound in the coming month or so.

This seems like a reasonable analysis, with the all-but certain likelihood of rate cuts next month likely to increase market positivity.

Most cryptocurrencies will see price increases as a result, with stronger-fundamental coins expected to gain more than others.

And it’s arguable that Immutable has some of the strongest fundamentals in the market, with its L2-based Web3 gaming platform now having hundreds of thousands of active users per month.

In terms of the total number of unique addresses interacting with it, Immutable has the fourth-largest smart contract in cryptocurrency, according to a post made on August 27 by data hub Token Terminal.

It would seem unlikely, therefore, that the Immutable price will drop much further.

It could return to $2 by the end of the year, before reaching $4 by Q2 2025.

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