The overall cryptocurrency industry is heading into a bull run, with Immutable (IMX) standing out as the top gainer on February 10, 2024. Immutable positions itself as the first layer-two scaling solution for NFTs on Ethereum, and both Immutable and Ethereum have showcased a significant price surge in the last 7 days.
The reason why Immutable’s IMX price increase
However, the major reason behind this significant price surge of Immutable (IMX) is not known yet; it might be surging due to 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.
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.
@naavik_co has released the top 5 most anticipated web3 games of 2024, and four of those games are building on Immutable.@illuviumio@playmetalcore@BLOCKLORDS@GuildOfGuardian pic.twitter.com/dqCD8sL9og
— Immutable (@Immutable) February 9, 2024
Immutable’s IMX technical analysis and its upcoming move
Currently, Immutable’s IMX is trading near $2.67, and in the last 24 hours, it has experienced over a 13% upside momentum. Looking at IMX over a more extended period, in the last 7 days, the price has surged by over 22%, whereas in the last 30 days, it has experienced over a 41% gain. This significant increase by Immutable highlights its development and user gains in this industry, making it a focal point for crypto enthusiasts.
According to expert technical analysis, IMX, with the recent 13% price surge, has broken through an important resistance level that it has been experiencing since March 2022. Overall, IMX is looking bullish as it is trading above the 200 EMA (exponential moving average).
Source : TradingView
In the upcoming days, if IMX’s price on the weekly time frame closes above $2.8, we might see IMX reach the $4 level in the coming days. This is because there is no resistance level above $2.8. Besides this, on the weekly time frame, IMX has also formed an inverted head and shoulder pattern structure, which is a bullish sign.
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