IMX Spikes 10% In Last 24 Hours – Will It Start The Week Strong?

Christian Encila

Last Updated: March 8, 2023 7:26 am

4 mins read

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IMX (ImmutableX) has been on a roll lately, being one of the few altcoins to have significant gains in the past month or so.

According to tracking by CoinGecko, IMX was up 10% in the daily timeframe with its biggest gain at the weekly timescale at nearly 19%.

IMX: What Drove Prices Up?

Although the past year saw the token drop by 87%, it also saw some significant developments for the L2 ecosystem. For their push to become the leading competitor in the NFT space, Gamestop partnered with ImmutableX for their NFT marketplace.

This placed ImmutableX on the spotlight as it was just a startup company back then. Both companies also created a $100 million fund for NFT developers to boost their projects if granted.

The partnership created buzz around the time as this sort of legitimized NFTs in the eyes of gamers and collectible enthusiasts as NFTs sought an audience with this crowd of consumers.

Image: CoinJournal

But with NFT interest dwindling, the technology will continually be a hard-sell to consumers as it is still in its infancy.

The real growth, however, is in the GameFi space. According to ImmutableX, the ecosystem edged Polygon in terms of exclusive on-chain GameFi development with ImmutableX catching up on cross-chain development.

These developments are also courtesy of Immutable’s previous wins. Most notable of these is the $200 million that they raised during its Series C funding with gaming industry companies and venture funds.

IMX Riding Bullish Momentum

ImmutableX’s native token IMX seems to be riding the bullish wave that’s taken over major cryptos Bitcoin and Ethereum. As of writing, the two are up 1.5% and 2.5%, respectively.

This is a good wave for IMX to ride on. However, this manifests a very real risk of a huge correction if macroeconomic indicators show a worsening economic situation.

But with the White House announcing that the economy is heading for a soft landing, investor sentiment should reverse back to positive on both stocks and riskier assets like cryptocurrencies.

Crypto total market cap at $810 billion on the weekend chart | Chart: TradingView.com

For IMX to continue its bullishness, the token needs to break its sideways movement that formed because of FTX’s collapse. The primary resistance level at $0.4726 should be broken as this was the main resistance that kept the price downwards.

With major cryptos going bullish, IMX riding the wave to break through this resistance can help it turn $0.4726 to support. Investors and traders, however, should keep watch as the Consumer Price Index (CPI) will be released this week.

If the CPI stagnates and remains high, the U.S. Federal Reserve might be on another interest rate hike later this year.

-Featured Image from TechFi

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.