CandleFocus IMX price hits key support as Immutable Passport signups surge
2024-10-04
Author: Content Editor
Despite the strong performance of the Immutable X ecosystem, the IMX token is on track for its first weekly loss in four weeks. The token has dropped to its lowest level since September 9, down 22.4% from its highest level this month. However, the ecosystem is still thriving, with over 3 million sign-ups to Immutable Passport. This growth is attributed to successful titles like RavenQuest, SpaceNation, and Immortal Rising 2. Additionally, Messari reports that the network is expanding, with a 91,900% increase in daily active addresses in Q2. On the other hand, NFT sales and users have declined in the last 30 days, and the total value locked in DeFi remains stagnant. Immutable X faces competition from other layer-2 networks like TON Blockchain, Gala Games, and Ronin. The IMX token is currently facing a sell-off in the crypto industry but has found support at the 50-day moving average and shows potential for a rebound to the $1.70 resistance point.
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