- The volume of NFT transactions in Immutable X has jumped sharply recently.
- The IMX token has formed an inverted cup and handle pattern.
Immutable X price bounced back on Monday as its non-fungible token (NFT) marketplace continued doing well. The IMX token rose to a high of $0.8560, which was the highest level since August 26. It has jumped by over 10% from its lowest level during the weekend, giving it a market cap of over $197 million.
NFT volume rising
Immutable X is a leading blockchain project that is in the NFT niche. It is a layer 2 project that provides developers with all tools they need to scale their Ethereum NFTs. The platform is in an industry that is expected to disrupt the art and digital ownership industries.
At the same time, it is helping developers in the most popular platforms in the world. Ethereum dominates the NFT sector by far. As a result, these developers can use Immutable X to boost their scale, increase security, and lower transaction costs. It uses a zero-knowledge scaling engine to provide its NFT-enabled wallets and an API abstraction layer. Also, it has a shared liquidity and orderbook.
Learn more about how to buy Ethereum.
Immutable X has become so popular that it has been embraced by some of the biggest companies in the world like Disney and GameStop. It has also been used in top games like Gods Unchained, Guardians, and Illuvium among others. According to its website, it has helped mint over 31 million NFTs without having any gas.
The Immutable X price is rising as the volume of its transaction crawls back. Data compiled by CryptoSlam shows that the volume of sales in its platform has risen from $36,000 on August 13 to over $1.3 million on Sunday.
In July, the total volume of sales in the platform was $5.22 million. In August, the number has risen to over $24 million. Still, this amount is lower than the January high of over $53 million.
Immutable X price prediction
The four-hour chart shows that the IMX price has bounced back sharply in the past few days. In this period, the coin has risen from a low of $0.76 to a high of $0.84. In this period, it has managed to move above the important resistance level at $0.7850.
However, it has also formed an inverted cup and handle pattern, which is usually a bearish sign. Therefore, the coin will likely resume the bearish trend in the coming days. If this happens, the next key support to watch will be at $0.74.
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