Immutable X (IMX) Price Could Face An Explosive SurgeNotable Trends
1. Immutable forges key partnerships with Amazon AWS and Ubisoft.
2. IMX jumped by 145%, influenced by strategic alliances.
3. Bullish momentum initiated, though short-term corrections are likely to occur.
Fundamentals
In a groundbreaking development for the web3 gaming sector, Immutable has recently solidified two pivotal partnerships, one with Amazon Web Services (AWS) and another with the esteemed game publisher Ubisoft, ushering in a revolutionary era in game development.
The native token IMX of Immutable X has experienced an impressive surge of nearly 145%, rebounding from a bear market low of $0.50 to the current value of $1.22. With its proximity to the yearly high of $1.56 set in March, the question arises: can this upward trend be sustained?
IMX Partnerships With Amazon AWS And Ubisoft
Unlike many crypto projects that announce partnerships primarily for attention, Immutable X stands out with purposeful collaborations.
Through its involvement in Amazon‘s ISV Accelerate Program, the partnership with AWS provides Immutable with valuable resources, such as access to a broad pipeline of game studio leads and support for successful deal closures. This collaboration is poised to revolutionize the gaming landscape, offering developers and studios a comprehensive platform and ecosystem for web3 gaming. The integration of cloud data with the Ethereum blockchain through this alliance marks a significant leap toward establishing a viable model for blockchain gaming.
IMX Price Analysis
IMX reached its all-time high of $9.50 on November 27, 2021, approximately three weeks following its market debut. This achievement coincided with the conclusion of the cryptocurrency bull market, initiating a multi-year period of depreciation for the token.
On December 31, 2022, IMX dipped to $0.37, marking its lowest point since its initial release. The onset of the current year witnessed a robust recovery of over 300%, reaching $1.56 on March 17. Subsequently, a retracement occurred, but a significant development unfolded as IMX established its first higher low at $0.50 on both September 11 and October 19, signaling the commencement of the present uptrend.
The current parabolic ascent post its first higher low hints at a potential initiation of a bull phase for IMX, further supported by the U-shaped curvature commonly observed at market bottoms. Nevertheless, caution is advised as the daily chart RSI indicates overextension, reaching 86% on November 6. It’s noteworthy that during previous instances of such overbought levels, the price similarly surged, as seen on January 17, continuing its ascent by another 166%.
IMX Price Prediction
Since its low on September 11 at $0.47, IMX has been on a steady ascent, reaching its peak at $1.23 today, reflecting an impressive 158% increase. This surge marks the sustained momentum from the breakout following its previous peak on March 17 at $1.57.
While the current price remains below its previous yearly high, there’s potential for further upward movement, suggesting a possible revisit to this high. The recent uptrend likely signifies the next phase in the emerging bull market, anticipating higher prices.
However, a short-term decline may precede a more significant upward move. This conjecture is based on the idea that the initial uptrend from the beginning of the year until March and the subsequent downtrend until September 11 might be the first two sub-waves of a larger uptrend.
If this hypothesis holds, the completion of the ongoing uptrend, now poised for a minor retracement, is crucial before a renewed push towards revisiting the March high. This would mark the conclusion of the current advance, followed by another lower degree downturn, ideally establishing the next higher low, preferably above $0.85.
Should this scenario unfold, IMX’s price could face an explosive surge, breaking through its $1.50 resistance and extending towards $3 in the next uptrend.
