- Immutable X token has surged by over 400% from its lowest point in 2023.
- The rally is part of the ongoing cryptocurrencies bull run that has pushed total market cap to over $1.6 trillion.
- Analysts at VanEck believe that the company has more room to grow in the gaming industry.
Immutable X (IMX) price has gone vertical as investors cheer the network’s performance, partnerships, and role in the blockchain industry. The IMX token soared to a high of $2.21 on Tuesday morning, its highest point since April 2022. After soaring by over 492% from the lowest point this year, it is one of the best-performing tokens.
Partnerships and central role in gaming
Immutable X is one of the biggest layer-2 networks in the world with a market cap of over $2.8 billion. It is a network that is integral to the gaming and non-fungible tokens (NFT) industry.
In the past few years, the company has partnered with some of the biggest players in the gaming industry. Some of the most notable partners are companies like Merit Circle, Illuvium, Unity, Ubisoft, and StarkWare. It also has a partnership with GameStop, a leading American retailer.
Ubisoft is one of the biggest gaming companies in the world, with titles like Assassins Creed, Avatar, Star Wars, XDefiant, and Prince of Persia. On the other hand, Illuvium is a leading platform that has launched games like Arena, Beyond, and Zero.
Developers love Immutable X for its quick transaction speeds, Ethereum-grade security, low transaction costs, and ease to use. It also has all tools that developers need to build scalable games like Passport, Checkout, Marketplace, and Orderbook.
IMX price has jumped for three main reasons recently. First, like the other digital currencies, it has soared because of the Bitcoin rally. In most cases, altcoins jump when Bitcoin is thriving,
Second, analysts at VanEck recently came out with a bullish report on Immutable X. They believe that it will be one of the best performers in 2024, thanks to the quality of games in the ecosystem. They include games like Illuvium, Gods Unchained, and Arkbound. These are AAA games that have a strong market share.
Third, IMX price is rising because of the growing ecosystem through partnerships. On Monday, the company partnered with Transak, which will become the primary payment partner for Immutable Passport and Immutable Checkout.
Immutable X price forecast
The daily chart shows that the IMX token has gone vertical in the past few months. It has moved from below $0.40 to over $2.2. It recently flipped the important resistance point at $1.5895, its highest point since March 18th. The coin has jumped above all moving averages.
At the same time, oscillators show that it has a bullish momentum, with the Relative Strength Index (RSI) and the Stochastic Oscillator moving to an overbought point. Therefore, the outlook for IMX token is still bullish, with the next price to watch being at $3.
Contributors
