Immutable Surpasses Ethereum in NFT Volume: A Game-Changer for Crypto
Immutable’s IMX Token Shows Bullish Potential Amid NFT Sales Surge
Immutable’s Market Performance
Immutable’s IMX token is currently exhibiting a promising double-bottom pattern, coinciding with the network’s recent achievement of surpassing ethereum in weekly NFT sales—a significant development in the ongoing competition for Web3 leadership.
With trading volumes reaching approximately $34.9 million, largely fueled by popular titles like Guild of Guardians, the token has experienced a slight recovery from its recent lows. However, concerns linger due to a decrease in active wallet participation and a notable rise in the availability of IMX tokens on exchanges. Presently, bullish investors are targeting a potential 98% increase towards the neckline of the pattern at $0.8100, provided that support levels remain intact.
Current Price Analysis of Immutable
As of Friday, June 27, Immutable was valued at $0.419, comfortably above the critical double-bottom level of $0.3458. Despite this rebound, the token is still trading 50% lower than its peak in May and a staggering 90% below its all-time high from the previous year.
Recent data indicates that Immutable has emerged as the leading entity in the NFT market, overtaking well-known platforms such as ethereum, Solana, Avalanche, and Mythos. Over the past week, Immutable’s NFT sales surged by 23%, exceeding $34.9 million, while the number of buyers increased by nearly 20%, reaching 11,080. In comparison, ethereum‘s sales rose by 33% to $25.8 million.
Key Contributors to Immutable’s Success
Sales from Guild of Guardians Heroes experienced a 21% increase, surpassing $20 million, while Guild of Guardians Avatars NFTs saw an 18% rise to $8.1 million. Additionally, Gos Unchained Cards recorded a remarkable 41% increase, totaling $6.5 million.
Despite these successes, not all aspects of Immutable’s ecosystem are thriving. The number of unique active wallets engaging with Immutable’s games has declined by 17% over the past month, now totaling 1 million. This downturn positions Immutable as the fifth-largest player in the gaming sector, trailing behind Sei, BSC, Skale, and WAX.
Moreover, the supply of IMX tokens on exchanges has escalated in recent months. Data from Santiment reveals that the circulating supply of IMX tokens has risen to 174 million, up from 136 million in March.
Technical Analysis of IMX Price Trends
The daily price chart indicates that IMX has been on a downward trajectory in recent months, hitting a crucial support level at $0.3458, marking its lowest point since April.
The formation of a double-bottom pattern—a well-known bullish reversal indicator—suggests a potential turnaround. This pattern consists of two distinct swings and a neckline positioned at $0.8100.
Consequently, there is a strong likelihood that the token will rebound and may even test the neckline at $0.8100, representing a potential increase of 98% from its current price. However, if the price falls below the double-bottom support at $0.3458, the bullish outlook will be negated.
