In an ongoing correction in the cryptocurrency market, Immutable (IMX) has appeared as a standout performer, experiencing a remarkable surge on February 12, 2024. As the first layer-2 scaling solution for NFTs on Ethereum, Immutable positions itself as a key player in the evolving crypto landscape, displaying a robust bullish trend.
Web3 games fuel Immutable’s continuous price surge
The significant price surge of Immutable (IMX) over the last 3 weeks has gathered everyone’s attention. However, the major reason behind this significant price surge of Immutable (IMX) is the ongoing bullish momentum in the cryptocurrency industry, where every cryptocurrency is experiencing an upside momentum. Another reason that might attract crypto enthusiasts to Immutable is the ongoing development of web3 games on the platform.
Besides all these reasons, one more reason continuously supporting IMX in its bullish momentum is the recent breakout of the resistance level. Recently, Immutable made a post on X (previously Twitter) and highlighted the top 5 most anticipated web3 games of 2024. These developments and the roadmap that Immutable is following are capturing the attention of crypto enthusiasts.
At present, IMX is trading near $2.9, and in the last 24 hours, it experienced over an 8% upside momentum. If we look at IMX over a longer period, in the last 7 days, IMX experienced nearly 30% upside momentum, whereas, in the last 30 trading days, IMX’s price surged by the same 30%. This significant increase by Immutable highlights its development and user gains in this industry, making it a focal point for crypto enthusiasts.
Immutable technical analysis and upcoming price
According to expert technical analysis, IMX is bullish as it is trading above the 200 EMA (exponential moving average), and on the weekly time frame, it gives a breakout of a strong resistance level. Following the breakout, IMX is now moving toward its next resistance level, which is at $4.
The recent IMX weekly closing above $2.8 indicates a bullish sign, which is also a reason behind the continuous upside momentum following the breakout. According to the Pivot technical indicator, the current support is at $2.73, and the next resistance is at $3.05 and $3.36.
