Immutable X Token Price Levels

Immutable X Token (IMX) has surged over 16.5% in the last week as altcoins receive a minor relief rally in the cryptocurrency markets. There is also a great deal of excitement surrounding IMX due to the highly anticipated staking platform which launches this July.

So far Immutable X token has seen a correction of just over 90% from it’s all time high of $9.50 which was set on November 26th 2021. We are now trading at a very modest $0.92.

If we see bullish continuation to the upside I would speculate that Immutable X token can regain the $1 price levels in the near future.

Cryptoassets are a highly volatile unregulated investment product.

Immutable X Token (IMX) Price Prediction 2022

Immutable X token has been in a constant downtrend since November 2021 and the sentiment is extremely bearish at the moment.

Recently IMX comfortably found support at $0.68 and $0.63 following the Terra Luna crash (May 12) and Bitcoin crash following the price structure breaking below the 200-week moving average.

Despite the negativity and chaos in the markets at the moment,  Immutable X token is actually printing some rather bullish indicators on the price charts.

Immutable X Token Price Chart

AMP Token Price Chart – Daily Time Frame.

Currently Immutable X token resides within a descending channel, typically this is a bearish which would see continuation following the trend prior to the formation of the channel. In this case the trend is down.

Within the descending channel Immutable X token is also forming a rising wedge as it creates another swing high back to the upper trendline (resistance) of the descending channel. We can see the green daily candle as quite a large wick at the top of the body. Unfortunately, this does reflect a large amount of resistance and selling pressure at the $0.98 level.

A rising wedge is also typically a bearish reversal pattern. In most cases a rising wedge results in a loss of price structure and support and continuation to the downside.

The daily time frames also display a bullish divergence. We can see that IMX has formed a lower-low whilst the relative strength index has formed a higher-low. This tells us that the bears are actually losing power and the bulls are starting to take control of the markets again.

With this in mind, I am actually feeling rather bullish about the price structure of IMX and I think this extreme fear could provide a strong opportunity for new potential investors.

Immutable X Token Video Analysis

As we can see Immutable X token has achieved some great milestones already and was quite successful during the previous crypto bull run. The Immutable X project is also part of the lucrative and exponentially growing web3 and metaverse sector. This is forecasted to see strong growth over the coming years.

If Immutable X token can break out of the descending channel and form a bullish double bottom reversal wave I think a pragmatic target is for IMX to surpass the $1.10 resistance level once again. The reason $1.10 is such a critical level of resistance is due to the previous support found there on the 7th March 2022. This also occured whilst the relative strength index was indicating an oversold position.

I personally believe Immutable X token may be able to rally to around $1.69 this year. Although I don’t think we will produce a higher-higher on the macro time scale.

According to coinmarketcap Immutable X token is ranked #120 amongst other cryptocurrencies. The market capital is a modest $213 million which means there is plenty of room for long-term growth.

It is important to note however that only 12% of the max supply is in circulation. Coinmarketcap states that we have 234,284,001 tokens of 2,000,000,000 circulating.

What is Immutable X Token (IMX)?

Immutable X describes itself as the very first layer-two scaling solution for NFT’s on Ethereum. As stated by Immutable X, its blockchain helps to alleviate Ethereum’s drawbacks such as low scalability, subpar user journey, illiquidity and sluggish developer experience. With Immutable X users can benefit from instantaneous trading and huge scalability all whilst thriving from zero gas fees for minting and trading NFTs. Interestingly, Immutable X is built with STARK zk-rollups, which is a technology that the Ethereum founder Vitalik Buterin claims Ethereum is “all-in on”.

Cryptoassets are a highly volatile unregulated investment product.

Immutable X Staking Goes Live July 2022

Upon exploring Immutable X’s twitter page it has also been recently announced that they are launching staking this July. All users need to do to be eligible for the first staking cycle is move their IMX tokens to their Immutable X layer 2 wallet before 1st July 0:00 UTC. This is extremely exciting news for existing holders and also offers more value to new potential investors for the Immutable X blockchain.

According to Immutable X, the first phase of staking begins with automatic rewards for active IMX users at the end of each cycle. Following this it will switch to a self-custodial staking process with an immersive and interactive dashboard in the second phase.

Immutable X Token Twitter Staking

Immutable X Recent Tweet.

It is worth noting that staking rewards for each cycle will be based on a portion of protocol fees collected. This is consistent with the IMX whitepapers. The first cycle will include the rewards that have been collected since the launch of protocol fees according to IMX.

Personally I believe Immutable X has a strong future within the blockchain environment. The project has the right partners and cash reserves to focus on developments and protocol upgrades even through the bear markets.

For example, Immutable X have just launched their Developer & Venture Fund which is worth $500m dollars, this is all in aid to accelerate the adoption of Web3 games & Projects.

With enough exciting upgrades and accumulation through a long crypto winter, I feel confident that IMX will repossess its previous all-time high (if not more) by the next crypto-bull run.

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