After the massive losses recorded last week, the cryptocurrency market performed well over the weekend.
The cryptocurrency market recorded huge losses last week, wiping out billions of dollars from major coins and tokens. A week ago, market cap fell below $1 trillion for the first time this year.
However, the market recovered some of its losses over the weekend. The cryptocurrency market has risen more than 8% in the last 24 hours and the market cap is currently around $900 billion.
Bitcoin fell towards $17,000 over the weekend, but has now recovered and is currently trading above $20,000 per coin. Ether, meanwhile, is holding above $1,100 after gaining more than 9% in the last 24 hours.
IMX, the native token of the Immutable X ecosystem, has also performed well over the past 24 hours. IMX is up over 9% and is currently trading above $0.80 per coin.
The catalyst behind this ongoing rally is the launch of a $500 million ecosystem fund by Immutable X. Immutable X co-founder Robbie Ferguson announced over the weekend that he launched a $500 million ecosystem fund. He added that the fund is designed to support the next generation of his Web3 games.
starting @immutable‘s $500 million funding will support the next generation of web3 games.
The next billion users of web3 will come from games.
No progress awaits – let’s build. https://t.co/MjNULybdhA
— Robbie Ferguson ⓧ – Hiring! (@0xferg) June 18, 2022
Important Levels to Watch
The IMX/USD 4-hour chart is bullish as Immutable X has been performing well over the past 24 hours.
The MACD line is inside the neutral zone, indicating that the IMX is no longer bearish at this point. The 14-day RSI 60 shows that the IMX may break out of the oversold territory and enter the overbought zone soon.
If the rally continues, IMX is likely to break out of the first major resistance level at $0.898 by the end of the day. If the positive performance continues, IMX could move towards his second major resistance level of $0.96 in the next few hours or days.