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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
