- Immutable X partners with Amazon Web Services.
- IMX price is trading at $0.52494 and is down by 1.03% during the intraday session.
- The year-to-date return of the IMX coin is +37.78% and the three-month return is -28.58%.
Immutable is the first L2 (layer two) scaling solution for NFTs (non-fungible tokens) on Ethereum. It provides instant trading, massive scalability, and zero gas fees for minting and trading. It uses Zero-Knowledge rollup technology to process transactions from the main Ethereum network.
ImmutableX Partners With Amazon Web Services
Immutable X has secured a partnership with Amazon Web Services. This collaboration will unlock the possibility for Immutable to access a vast pipeline of game studio leads. Moreover, it provides support for successful deal closures, and up to $100k in AWS cloud credits per Immutable customer.
The Immutable X (IMX) coin price increased considerably from the beginning of 2023, soaring from the low of $0.377. At that point, the uptrend momentum thrust the price towards the $1.28 resistance level. The price action depicted higher highs and lows while following an uptrend trendline. However, the increase could not be sustained and was halted at a significant support level of $0.767.
Furthermore, the IMX price witnessed a sudden spike and accelerated its increase in mid-March, 2023. While IMX reached an annual high of $1.58 on March 18, 2023, it failed to sustain the spike. Hence, the price dropped from the annual high and shifted to a downtrend.
The IMX price has slid roughly 69% since March 18, 2023, while forming a descending channel pattern. Moreover, the price shows an exceptional death cross pattern while following the descending channel. In late May, the short-term 50-day EMA crossed below the long-term 200-day EMA.
In September, the IMX coin price diverted from the prolonged bearish trend, soaring from the low of $0.486, and moving up to recover the previous losses and retest the $0.787 resistance level. However, the bullish sentiment failed and melted back into the descending channel pattern.
The Immutable X (IMX) token price is currently at $0.52494 while witnessing a loss of 1.03% during the intraday session. The 24-hour trading volume is $10,803,131.26 and slid by -5.69% over the past week. With a circulating supply of 1.2 Billion IMX, the market capitalization of Immutable is $634,435,626.
The RSI slid from the overbought region to below the 50-neutral zone, with a score of 41.12. This indicates a rise in the participation of sellers in the market. Meanwhile, the CMF is above the 0 mark, and stands at 0.05, denoting slight strength in the market.
If the bearish sentiment remains constant and the price melts below the recent support level of $0.486, then it might retest the January support level of $0.376. On the contrary, if the bulls take control of the price and it surges above $0.60, then it might reclaim the significant resistance level of $0.767.
Conclusion
ImmutableX’s market structure and price action have been reflecting a descending channel pattern since March 2023. Technical parameters suggest a further sell-off while favoring the sellers’ side. However, the recent development gives hope that the price of the IMX token will rise in the upcoming days.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.