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In the past seven days, ImmutableX (IMX) has demonstrated impressive growth, with a price increase of 17.67% at the time of writing. This places IMX ahead of the global cryptocurrency market, which has only seen a 3.12% increase. But what does the future look like? Heres the latest IMX price prediction.
IMX Rises in Value as Immutable Passport Launches
IMX has been making waves in the industry with its involvement in several exciting projects. One of the most notable is the launch of Immutable Passport on February 1, 2023. This is an all-in-one wallet and authentication solution designed to make it easier for new users to access Web3 marketplaces and games.
Introducing Immutable Passport, your passport to the future of gaming 🎮
We are developing Immutable Passport, the instant non-custodial wallet onboarding solution for web3 games. Designed to onboard the next billion users into web3 #onIMXhttps://t.co/A8WKmGUxlV pic.twitter.com/NOxmZl2vDk
— Immutable (@Immutable) January 31, 2023
This innovative product has the potential to simplify the process for those who are just starting to explore the world of decentralized technology.
With the growing popularity of Web3, now might be the perfect time to invest in IMX. It is expected that this new project will propel the price of IMX to new highs.
IMX Fundamental Analysis
Notably, ImmutableX (IMX) has seen a significant change in its value over the past year, with its all-time low price reaching $0.378055 on December 31, 2022.
Currently, the price of IMX is 114.2% higher than its all-time low. Additionally, the 24-hour trading volume of ImmutableX (IMX) has risen to $55,163,107, a 68.14% increase from the previous day, indicating heightened market activity.
However, the IMX price has a long journey ahead as its all-time high price, recorded on November 26, 2021, still lingers at $9.52. Comparatively, the current price of IMX is 91.5% lower than its all-time high.
In contrast, IMX seems to outperform similar Ethereum Ecosystem cryptocurrencies, which have only increased by 2.85%. With a circulating supply of 790 million, IMX’s overall market capitalization of the asset is calculated to be $642,284,170.
Previous IMX Market Price Indicators Analysis
As of February 1, the IMX price had reached resistance at $0.79 and was trying to break out of the zone. The market conditions and indicators also support the bullish trend, as indicated in the chart below.
IMX Market Price Indicators Analysis
At the time of writing, the value of ImmutableX (IMX) stands at $0.843288 with a daily trading volume of $54,840,969. This represents a 14.23% rise in price in the past 24 hours.
The RSI indicator shows that the market remains above the midrange and is trading at $74. For buyers to establish a stable bullish market, they need to sustain the price above the $0.79 resistance level.
Meanwhile, the MACD indicator reveals a bullish crossover in the sell zone, but for it to be significant, the MACD line must cross out of the sell zone.
The moving averages are still bullish bias as the market seems to have broken the $0.79 resistance level. However, we await a reversal to test the level before a clear breakout is evident.
Generally, the buyers are still strong despite facing bearish resistance, but with a rise in buying volume, the bullish price will continue to trend upward. When the bullish price stabilizes above $0.79, the market’s next target is $1.27.
IMX Price Prediction
IMX has had a positive outlook in January, and this is attracting massive investment in the token. The bulls are pumping prices up. Will this hold? According to our analysis above, we forecast the price of IMX to reach $1.27 by mid-March.
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