Immutable (IMX) price: Is a bullish reversal on?

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Written on Aug 21, 2024

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Immutable (IMX) price rose slightly to reach resistance near $1.20.
Despite price remaining largely in downtrend, a series of game launches on Immutable zkEVM is exciting bulls.
A potential bullish reversal wil see IMX retest recent supply zones.

Immutable (IMX) is largely flat in the past 24 hours despite price breaking from below $1.12 to reach the key resistance area near $1.20.

However, while the native token of the Web3 gaming platform hovers below the supply zone, there’s massive activity around the gaming blockchain as multiple game titles launch on Immutable. Technical indicators also suggest a potential bullish reversal.

New wave of gaming updates on Immutable

The Immutable ecosystem has witnessed significant growth since the launch of the highly anticipated Immutable zkEVM Mainnet in Early Access earlier this year. With scalability, smart contract-compatibility and zero-gas interaction access, Web3 partners, game studios and gamers alike have looked to bring their game onto Immutable.

It’s momentum that has seen some huge game titles launch on Immutable – a few notable ones happening this August.

Kanoi is a game built by former Pokemon developers and is set to land on Immutable zkEVM. Leading venture capital firms in Japan and strategic partners, including Animoca Brands back it.

GRAMPUS, a game publisher with over $80 million in revenue in 2022-2023, brings the flagship game Norma in metaland to Immutable. The game boasts a 33 million user base. GRAM will also launch its My Merge Chef game exclusively on Immutable.

The @norma_metaland universe is launching on Immutable.

A Cooking Adventure reboot which ranked in the top 20 global cooking games enjoyed by over 33M players. pic.twitter.com/XhPtUIUKyN
— Immutable (@Immutable) August 17, 2024

Also exciting is the dark fantasy idle role-playing game Immortal Rising 2, which is coming soon to Immutable zkEVM.

These global game developers/publishers are fueling further interest and demand for IMX. Immutable’s partnership with digital assets custody and management platform Fireblocks is also another notable milestone for the Web3 gaming network.

Is Immutable (IMX) ready to soar?

Immutable price is largely in a downtrend, having peaked in March as Bitcoin exploded to its all-time high above $73k. Since hitting $3.64 in March 2024, the IMX price has experienced bearish flips at $2.55 and $1.67.

The printing of lower lows currently has Immutable bulls constrained below $1.20.

According to data from IntoTheBlock, only 30% of IMX holders are currently in profit. The platform shows 64% are under water at current prices, while 6% are at the money. The fact that nearly 56% of holders have held the token for 1-12 months, its likely fresh gains could result in profit taking action.

Open interest in IMX is also at -6% with just over $28.7 million in positions.

However, with a potential breakout above the falling wedge pattern, IMX price could retest the mentioned supply zones and potentially strengthen amid a broader market rally. The daily RSI and MACD are key indicators to watch.

If price breaks higher, resistance areas will include $2.55-$2.60 and $3.20. On the downside, primary support lies around $0.9.