- The volume of Immutable X NFTs traded in February jumped to $20 million.
- Illuvium will launch the next NFT collection in March.
Immutable X has held quite well this month as demand for its non-fungible tokens (NFTs) jumped. IMX also did well as the developers boosted their relationship with Illuvium, a leading metaverse project. The token rose to a multi-month high of $1.3350, which was about 261% above its lowest point in December.
Illuvium: Beyond launch
The main reason why Immutable X price has jumped is that the network has deepened its relationship with Illuvium. And in a statement, Illuvium said that it will launch the Genesis Collection of Illuvium: Beyond NFT collection on March 7. The initial set of the collection will have 150+ unique Illuvials, which users can buy and trade. These NFTs were drawn by some of the best artists in the industry.
Illuvium’s NFT collection will be powered by Immutable X. This is notable since Illuvium is a highly successful platform that created the IlluviDex marketplace that has sold over 20,000 plots valued at over $72 million. It also has thousands of gamers from around the world.
Illuvium’s NFTs are built on top of Ethereum, one of the best blockchains in the world. They will then be supercharged by Immutable X, which uses zk-rollup scaling infrastructure to boost speeds and reduce operation costs. It can process over 9,000 transactions per second (tps).
The other reason why IMX price is doing well is that the volume of NFTs in its ecosystem has risen sharply in the past few weeks. Data compiled by CryptoSlam shows that the volume of Immutable X sales rose to $20 million in February from $14 million in the previous month. This happened even as the number of unique sellers and buyers dropped to 11,697 and 13k, respectively. The average sale jumped to $49.
Immutable X price forecast
The daily chart shows that the IMX price has been in a strong bullish trend in the past few weeks. It remains slightly above the 25-day and 50-day moving average and the important support level at $0.8367, the lowest point on February 9. IMX has also formed what looks like a cup and handle pattern. In price action analysis, this pattern is usually a bullish sign.
Therefore, there is a possibility that Immutable X price will continue rising as buyers wait for the new Illuvium NFT collection. This view could see it retest the important resistance point at $1.2915, which is about 23% above the current level.
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