Immutable X price has been in a downward spiral in the past few months as demand for non-fungible tokens wane. The IMX token is trading at $0.9470, which is close to its all-time low of $0.6740. The coin has fallen by about 90% from its all-time high, bringing its market cap to about $222 million.
Immutable X is a leading blockchain project that is involved in the non-fungible token (NFT) industry. It is a layer-2 platform whose goal is to make it easy for people to trade NFTs at a substantially lower cost. There is no gas fees for peer-to-peer trading and there is usually no custodial risks since users keep their private keys. At the same time, the network is secured by Ethereum and is highly scalable since it is able to transact up to 9,000 transactions per second.
Immutable X price has declined even after it partnered with GameStop to launch its NFT marketplace. By so doing, users will be able to save cost and do more within a short period. The current price action is simply because investors were already expecting the integration since the deal was announced several months ago.
Another reason why the IMX price has underperformed is that the volume of NFTs has declined sharply in the past few months. Investors are concerned about the longevity of NFTs, especially at a time when the Federal Reserve is hiking interest rates.
Immutable X price prediction
On the 4H chart, the IMX price has been in a strong sell-off since 2021. This sell-off has coincided with the falling volume as shown in blue. As a result, the coin has fallen below the 25-day and 50-day moving averages. The coin has also fallen below the important support level at $1.1380, which was the lowest level on March 7th.
At this stage, the outlook for Immutable X is neutral with a bearish bias. If a bearish breakout happens, the next key support level to watch will be at $0.50, which is about 45% below the current level. This view will become invalid if the price moves above $1.38.
