Immutable Outperforms The Market As IMX is Up 12% In 7 Days
The Immutable price has experienced a 2% drop in the last 24 hours, falling to $1.45, as the broader crypto market faces a 1.5% decline today. Despite this short-term setback, IMX has shown resilience and maintained a 12% increase over the past week. Additionally, it has outperformed the market over the last two weeks with a significant 27% jump.
These recent gains point to a positive trajectory for IMX, a layer-two coin that has seen a remarkable 155% surge in the past year. This surge is mainly attributed to ImmutableX's expansion as a platform for web3 gaming.
Considering the potential for a more bullish market in the upcoming months, there is a strong possibility for the Immutable price to stage a robust recovery in the near future.
Immutable is currently poised for further gains given its strong chart positioning and technical indicators, suggesting the potential for continued growth in the short term. The coin's 30-period moving average has consistently remained above its 200-period average for an extended period, indicating bullish momentum.
While the coin's relative strength index has seen some fluctuations recently, it has since stabilized at a neutral level of 50, signaling a potential uptrend in the near future. With the coin's support and resistance levels converging, there is a possibility of a breakout in the coming days.
Market analysts anticipate a significant rebound for IMX in the medium term, especially given the likelihood of upcoming rate cuts, which are expected to boost overall market sentiment. As one of the coins with strong fundamentals, Immutable is well-positioned to capitalize on this positive market sentiment.
Immutable's L2-based web3 gaming platform has garnered a substantial user base, with hundreds of thousands of active users monthly. Additionally, data from token Terminal has highlighted Immutable as having the fourth-largest smart contract in the crypto sphere, based on the number of unique addresses interacting with it.
Given Immutable's solid fundamentals and positive market outlook, it is reasonable to expect the IMX price to resume its upward trajectory. There is a strong possibility that the price could reach $2 by the end of the year and potentially reach $4 by the second quarter of 2025.
Strengthening Portfolios with Small-Cap Alts
While Immutable's performance remains solid, with potential for future growth, the coin is still down by 85% from its all-time high of $9.52 set in November 2021. Traders looking for faster returns may consider diversifying their portfolios with newer altcoins that offer promising growth potential.
Identifying high-potential altcoins can be challenging, but one approach is to explore new tokens that have successfully completed presales. shiba Shootout (SHIBASHOOT), an emerging ethereum-based cryptocurrency, has recently conducted a successful token offering, raising over $1 million.
shiba Shootout stands out for its unique blend of shiba Inu memes and Wild West themes, creating a playful and engaging ecosystem centered around mini-games, poker tournaments, lotteries, and virtual treasure hunts. By incentivizing participation with SHIBASHOOT rewards, the project aims to foster community engagement and increase token ownership.
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