Immutable X (IMX), a layer-2 scaling solution on Ethereum, has risen by more than 15% after being listed on the South Korean exchange Upbit.
Immutable X (IMX) experienced a remarkable price surge, with its token price leaping above $0.83, the highest level since May 6.
The catalyst behind this meteoric growth is the announcement of IMX’s listing on Upbit, one of South Korea’s leading crypto exchanges. Despite the broader market’s consolidation phase, IMX defied the trend.
The trading of IMX on Upbit started at 4:00 UTC on July 28, with the exchange only accepting IMX deposits from the Ethereum (ETH) network. This significant development contributed to the token’s surge in value and strengthened its status as a powerful player in the crypto industry.
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Another factor that further bolstered the value of IMX was the project’s strategic partnership with Helika Analytics. This alliance has brought exciting possibilities to the Immutable X ecosystem, enabling users to perform in-depth analysis using Helika’s no-code tools.
This enhancement adds more value to the ecosystem and showcases IMX’s potential to attract further attention from the crypto community.
Understanding Immutable X and IMX Token
Immutable X is a layer-2 scaling solution built on the Ethereum blockchain, offering APIs and game creation tools for NFT (non-fungible token) and web3 games.
The platform specializes in NFT minting and trading. The native token of Immutable X, IMX, holds multiple roles within the ecosystem. Token holders can stake IMX and participate in governance decisions while using it as a utility token to pay fees within the ecosystem.
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IMX price analysis
At the time of writing, the price of IMX stands at $0.7719, indicating a price increase of 6.67% in the last 24 hours, according to data from CoinGecko. With a circulating supply of 1.08 billion IMX tokens, the project boasts a market cap of $840,702,662.
Immutable X price | Source: CoinGecko
IMX has found solid support around $0.67 to $0.7, as the price is currently around the resistance level. The weekly Relative Strength Index (RSI) reading 52.5 indicates a relatively balanced market sentiment, suggesting that IMX is not overbought or oversold in the long term.
As the market continues through its consolidation phase, all eyes are on IMX. Both cryptocurrency professionals and enthusiasts are keenly observing its trajectory.
The recent listing on Upbit and the strategic partnership with Helika Analytics have fueled positive sentiment around IMX’s potential. However, only time will reveal whether this is just the beginning of IMX’s rise or if there is more in store for the token.
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