Immutable X prices rebounded on Monday, and the non-fungible token (NFT) market remained strong. The IMX token climbed to $0.8560, its highest since August 26th. Up more than 10% from the weekend’s low, the market cap has crossed $197 million.
NFT volume increase
Immutable X is a leading blockchain project in the NFT niche. This is a Layer 2 project that provides developers with all the tools they need to scale Ethereum NFTs. The platform is in an industry expected to disrupt the art and digital property industry.
At the same time, we are helping the developers of the world’s most popular platforms. Ethereum overwhelmingly dominates the NFT sector. As a result, these developers can use his Immutable X to scale, increase security, and reduce transaction costs. It uses a zero-knowledge scaling engine to provide an NFT-enabled wallet and API abstraction layer. It also shares liquidity and orderbooks.
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Immutable X is extremely popular and has been adopted by some of the world’s biggest companies such as Disney and GameStop. It’s also used in top games like Gods Unchained, Guardians, and Illuvium. According to its website, without gas he has helped mint over 31 million NFTs.
The price of Immutable X is rising as transaction volumes return. According to data compiled by CryptoSlam, sales on the company’s platform rose from $36,000 on Aug. 13 to over $1.3 million on Sunday.
Total sales on the platform in July were $5.22 million. In August, that number surpassed him $24 million. Still, the amount is below his January high of $53 million.
Fixed X price prediction
The 4-hour chart shows that the IMX price has rebounded sharply in recent days. During this period, the coin rose from a low of $0.76 to a high of $0.84. During this period, the price managed to break out of the critical resistance level of $0.7850.
However, it is also forming an inverted cup and handle pattern, which is usually a bearish sign. Therefore, the coin may resume its bearish trend in the coming days. If this happens, the next important support to watch will be $0.74.
