Immutable X continues to bleed in the market, with today’s trading session prices dropping by more than seven per cent. Despite the volume traded increasing by more than 20 per cent and over $100 million worth of IMX being traded.
Immutable X hails itself as the first layer-two scaling solution for NFT projects on the Ethereum platform. They boast of having eliminated the limitations of Ethereum, such as low scalability, a poor user experience, illiquidity and a slow developer experience. The platform achieves this by using the Stark 2k-rollups, a technology that has previously been praised by the Ethereum founder Vitalik Buterin as being an all in one.
Although the prices are currently dropping, one of its driving forces has been its strong financial support. Last month, Immutable X was able to raise more than $200 million in funding. The funding resulted in a 50 per cent growth in price during that period. The fundraiser was part of a Series C funding round meant to address the influx of new projects. The funding was also meant to address the falling prices of the NFTs during that time, which had put a strain on the cryptocurrency markets.
Immutable X Price Prediction
The Immutable X price has recently set a new resistance level of $2.18. However, the prices failed to break the resistance level after multiple attempts. Currently, the prices are in a downward trend after the failed breakout.
Looking at the daily chart below, we can see the Williams Alligator indicator showing signs of price reversal to the downside. The chart also shows that it is likely that the current drop may continue for the next few days. If that is the case, then my Immutable X price prediction expects the prices to trade the $1.09 support level in the coming days.
However, if the prices fail to trade below $2 in the next few trading sessions, my analysis will be invalidated. On the other hand, it will also mean that a bullish move may still be possible and the prices.