IMX: Bulls Pummel The Bears With A 10% Uptick This Week

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. 

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. 

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.

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. 

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.

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