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IMX, the native coin of the Immutable blockchain, was one of the best performers among the top 100 cryptocurrencies by market cap in the last 24 hours. By adding nearly 4% to its value, IMX outperformed other major Web3 gaming tokens.
The positive performance also paves the way for IMX to test new highs in the coming hours and days.
Immutable unveils a new staking reward system, onboards new games
IMX has been performing excellently in recent days following some announcements by the Immutable team.
Last week, Immutable announced that it had launched a new staking rewards system tied to NFT transaction fees. The system offers biweekly IMX payouts to stakers in a bid to boost user engagement while fueling demand for the token.
The new approach has sparked excitement among users, with the community now anticipating Immutable’s upcoming “Genesis” rewards announcement. IMX stakers will be rewarded with 0.2% of the $END token supply.
If you’re an IMX staker, you’re going to be rewarded with 0.2% of the $END token supply. Since the start of our new tokenomics strategy, a game has TGE’d on Immutable every month. We have +625 more games in the pipeline. And we’re now discussing gaming tokens with
In addition to the staking announcement, Robbie Ferguson, Immutable’s CEO, added that the firm is working on onboarding new games to the blockchain. Immutable is also discussing gaming tokens with multi-billion-dollar studios from Web2.
These announcements have gotten the community excited about IMX’s price potential in the medium to long term. The community is also looking forward to Robbie’s interview with the New York Stock Exchange (NYSE TV Live) tonight, as he could reveal some of Immutable’s upcoming projects.
Being interviewed by the New York Stock Exchange (NYSE TV Live) tonight Immutable is the face of gaming on Wall Street
Immutable is also making waves in the NFT ecosystem. The blockchain recorded $34 million in weekly NFT trading volume, a 21% increase. This growth increases IMX’s utility in the NFT space as it becomes a key token for gamers and digital collectors.
IMX eyes $0.577 as bulls push harder
The IMX/USD 4-hour chart is bullish but inefficient, indicating that the token could sweep the liquidity around $0.442 before rallying higher. The technical indicators are bullish, suggesting a buying pressure from investors.
At press time, the price of IMX stands at $0.466, up 4% in the last 24 hours. The Relative Strength Index (RSI) of 63 shows that buyers are currently in control of the market. Furthermore, IMX’s MACD lines are in the bullish zone thanks to its recent rally.
If the bullish trend persists, IMX could test the first resistance level at $0.577, with the Valid Trading Range (VTR) also around that price.
If IMX surpasses the $0.577 resistance level, it could rally higher to $0.676 for the first time since May 28. Upcoming announcements by the Immutable team this week could help push IMX’s price higher in the short to medium term.
However, IMX could also retest the 4-hour Inducement Liquidity (ILQ) at $0.419. Failure to defend that key level could see IMX drop to the $0.340 level.
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