As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset market, I find myself intrigued by the performance of Immutable X (IMX) this week. Despite its impressive ecosystem growth and strong fundamentals, the token is currently on track for its first weekly loss in four weeks – a stark reminder that even the most promising projects can be affected by broader market trends.
Despite a robust week for the overall Immutable X ecosystem, its token has been headed towards its initial weekly decline in four weeks.
On October 4th, the price of Immutable X (IMX) dropped to $1.4655, marking its lowest point since September 9th, and representing a decrease of about 22.4% from its highest value reached within this month.
Passport users hit 3 million
According to an email statement from the team at Immutable X, their ecosystem has been thriving, as the registrations for Immutable Passport surpassed 3 million – a notable jump compared to the approximately 300 thousand registrations they had back in January.
The ongoing trend is mostly because of three titles that have continued doing well. RavenQuest has attracted over 200k monthly active users while games like SpaceNation and Immortal Rising 2 are seeing more traction.
According to a recent report from Messari, it has been observed that the number of users on Immutable X’s network is significantly increasing. This surge can be attributed primarily to the launch of their Main Quest rewards program, as daily active addresses spiked by an impressive 91,900% during the second quarter, reaching a total of approximately 282,000.
As reported by Messari, the proportion of new NFT purchasers on Immutable increased by a substantial 56% from one quarter to the next. Similarly, the number of NFT sellers also grew, but at a slightly lower rate, amounting to an 18% increase over the same period.
Over the past month, as indicated by data from CryptoSlam, there’s been a significant decline in NFT sales and users. Specifically, sales have dropped by approximately 14.6% to more than $14.5 million, and the number of both buyers and sellers has decreased by over 82%.
In recent months, the amount of money locked within the DeFi (Decentralized Finance) sector has shown little progression and currently stands at approximately $14.5 million.
Among the prominent layer-2 platforms in the cryptocurrency sector, Immutable X stands out as a specialized choice. Unlike comparable layer-2 chains such as Polygon (POL) and Arbitrum (ARB), its primary focus lies within the realms of gaming and NFT sectors.
One way to rephrase this in a more natural and easy-to-read manner is: A significant hurdle is that it’s experiencing intense competition from the TON Blockchain, which has risen to prominence due to the expansion of the tap-to-earn sector. Notable rivals include Gala Games (GALA) and Ronin (RON).
Immutable X finds support at the 50 EMA
On September 23, the IMX token encountered significant opposition at approximately $1.9527 and has seen a steep drop this week. This downward trend is largely due to the continuous selling pressure in the cryptocurrency market as a result of escalating geopolitical tensions.
The price has fallen below its peak of $1.70 in June, which was its highest swing. However, on the bright side, it has managed to hold steady at its 50-day moving average and has formed an upside-down head and shoulders pattern, potentially indicating a rise towards the next resistance level at $1.70.
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2024-10-04 15:57