Immutable X continues to bleed in the market, with prices in today’s trading sessions falling by more than 7%. Despite a 20% increase in trading volume and over $ 100 million in IMX trading.
Immutable X has established itself as the first Layer 2 scaling solution for NFT projects on the Ethereum platform. They are proud to have eliminated Ethereum’s limitations such as poor scalability, poor user experience, illiquidity, and slow developer experience. The platform uses Stark 2k Rollup, a technology that has been hailed as an all-in-one by Ethereum founder Vitalik Buterin.
Prices are currently declining, but one of the driving forces is strong financial support. Last month, Immutable X We were able to raise more than $ 200 million. Funding increased prices by 50% during that period. Fundraising was part of a Series C funding round aimed at addressing the influx of new projects. Financing was also aimed at addressing the decline in NFT prices at the time, which was straining the crypto market.
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Immutable X Price Forecast
The price of Immutable X recently set a new resistance level of $ 2.18. However, the price could not break the resistance level after many attempts. Currently, prices are on a downtrend after a failed breakout.
Looking at the daily chart below, we can see that the Williams Alligator indicator shows signs of a price reversal towards a decline. The chart also shows that the current decline is likely to continue for the next few days. In that case, my Immutable X pricing forecast expects the price to trade at a support level of $ 1.09 in the next few days.
However, my analysis will be invalid if the price is not traded below $ 2 in the next few trading sessions. On the one hand, it also means that bullish moves may still be possible, and prices.