Key Takeaways
- The IMX price surged 42%, becoming the top gainer among the top 100 cryptos. It has hit its highest in nearly a month.
- The project’s co-founder revealed a 619% YoY MAU growth and web3 gaming adoption, showcasing ecosystem progress.
- On-chain data shows a spike in large transactions, signaling increased whale activity and potentially more upside for IMX.
- Indicators confirm bullish momentum, with RSI hitting multi-month highs and DMI showing trend strength toward $1.08.
IMX, the native token of Ethereum Layer-2 scaling solution and Web3 gaming platform Immutable, has skyrocketed by 42% in the last 24 hours. This massive upswing has thrust the token back into the spotlight.
It also comes at a time when the project’s co-founder revealed major milestones it achieved within the past year. But besides that, the IMX price rally makes it the top gainer out of the cryptos in the top 100.
As of this writing, IMX had changed hands at $0.64 at press time, marking its highest level in nearly one month. In this analysis, CCN breaks down how Immutable has been faring in the Web3 gaming sector, what’s behind the surge, and what lies ahead for IMX’s price.
Immutable Web3 Gaming User Base Jumps
In the early trading hours of Tuesday, April 22, IMX’s price wobbled around $0.45. Today, the altcoin’s market value has increased to $0.64.
This major price increase comes amid a notable revelation by Robbie Ferguson, Immutable’s co-founder. According to Ferguson, the project saw its Monthly Active Users (MAU) grow by 619% yearly (YoY).
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In the post on X (formerly Twitter), the founder also disclosed that it had signed up 344 games, maintaining its position as one of the top Web3 gaming projects.
“In the last year, Immutable zkEVM MAU grew 619% we’ve signed 344 well-funded games and Passport hit 5 million sign ups,” Ferguson disclosed .
According to CCN’s findings, Immutable has been relentlessly onboarding top-tier gaming titles onto its zkEVM-powered chain. For instance, data from DappRadar shows that The Galaxy of Lemuria saw a 100% growth in Unique Active Wallets (UAW) within the past 30 days.
Norma in Metaland, which also operates on the Immutable zkEVM, also saw a 285% growth within the same period among many others.
Whales Contribute Their Part
Amid this development, IntoTheBlock data also shows a rise in the number of large transactions involving IMX.
Earlier in the week, the number of large transactions was less than 10. Today, it has increased to 57, indicating that crypto whales interact significantly with the altcoin.
This also aligns with CCN’s recent analysis, which predicted that whales would likely drive IMX’s price higher this month.
Should these large transactions continue to increase, then IMX price could rally higher and trade closer to $1 in the short term.
Furthermore, a look at the price- Daily Active Addresses (DAA) divergence also supports the move. The price DAA divergence is an on-chain metric that compares price action to the number of active addresses interacting with a cryptocurrency.
A bearish divergence occurs when user interaction is low while the price increases. In this case, the trend becomes weak, and the price eventually drops. However, as of this writing, Immutable’s price DAA divergence has increased to 139.23%.
This indicates a healthy trend, suggesting that on-chain activity and price move in the same direction. If this trend continues, IMX’s price might continue to climb.
IMX Price Forecast: Path to $1 Begins
From a technical perspective, IMX’s price increase to $0.64 means it is now 81% up from its all-time low, which took place on April 7. On the daily chart, this breakout happened because the altcoin broke above the upper trendline of a falling wedge.
Following this breakout from the wedge, the Relative Strength Index (RSI) has hit the highest level since last December. The hike in the RSI indicates bullish momentum.
In addition to that, a look at the Directional Movement Index (DMI) aligns with a sustained rally. The +DMI (blue) has climbed largely above the -DMI (red), indicating that bulls control the IMX price direction.
Likewise, the Average Directional Index (ADX), which measures the trend’s strength, is close to hitting a reading of 25. Should this remain the same, the next target for IMX could be a run to $1.08 at the 0.618 golden pocket ratio.
However, this might not happen if the cryptocurrency gets extremely overbought. In that scenario, IMX’s price could fall below the lower trendline of the wedge and possibly hit a new all-time low of $0.36.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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