IMX (ImmutableX) has been on the rise lately, being one of the few altcoins that has seen significant gains over the past month.
According to tracking by CoinGecko, IMX is up 10% on daily time scale with the biggest gain on weekly time scale of almost 19%.
IMX: Why Increase Prices?
Although last year, the token fell by 87%, there were also some important developments for the L2 ecosystem. To push to become a major competitor in the NFT space, Gamestop has partnered with ImmutableX for the NFT market.
This puts ImmutableX in the spotlight because it is just a startup company. Both companies also set aside $100 million in funding for NFT developers to boost their projects if granted.
The partnership created a buzz at the time because NFT was legitimate in the eyes of gamers and collectibles fans because NFT was looking for an audience with many of these consumers.
But with interest in NFTs waning, the technology will continue to sell to consumers because it still exists.
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 holding cross-chain development.
The development is also a result of Immutable’s previous victory. The most famous one is $200 million which were raised during Series C financing with game industry companies and sports funds.
IMX Riding Bullish Momentum
ImmutableX’s native token IMX seems to be riding a bullish wave that is taking over major cryptos Bitcoin and Ethereum. At the time of writing, the two are up 1.5% and 2.5%.
This is a great wave for IMX. However, this is a real risk of a major correction if macroeconomic indicators show a worsening economic situation.
But with the White House announcing that the economy is on the brink, investor sentiment should return to positive in stocks and safer assets like cryptocurrencies.
For IMX to continue its bullishness, the token must break the sideways movement formed by the collapse of FTX. The main resistance level at $0.4726 should be broken as this is the main resistance that keeps the price down.
With the major cryptos going bullish, IMX riding the wave to break through this resistance could help turn $0.4726 to support. Investors and traders, however, should be cautious as the Consumer Price Index (CPI) will be released this week.
If the CPI stagnates and remains high, the US Federal Reserve may be in for another interest rate hike later this year.
-Image Feature from TechFi