Crypto gaming is making a comeback with Immutable leading the charge. This led IMX, the native token of the platform, to present strong bullish signals, giving investors and traders a considerable 10% uptick since last week.
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The move was supported by a rise in activity inside the Immutable network itself, with good enough game announcements since last week. Hype aside, Immutable is currently solidifying its position inside the crypto gaming industry.
Major News For The Crypto Gaming Industry
Immutable’s platform for the crypto gaming industry has been proven effective. With an lively roster of over 200+, its growth continues to draw more developers to construct games on Immutable.
Immortal Rising 2 was recently announced that it would be released on Immutable, bringing more attention to the platform with Planetarium Labs CEO and Founder JC Kim stating in a recent interview he’s “excited to affix forces with Immutable” which is able to help them deliver “cutting-edge gaming experiences,” for users.
“We’re excited to affix forces with Immutable to construct Immortal Rising 2. This partnership marks a major milestone in our mission to deliver cutting-edge gaming experiences,” Planetarium Labs CEO and Founder JC Kim said in a recent interview.
This move got here after Immortal Rising 2’s success in South Korea and the worldwide gaming market, with over 2 million downloads and a $24 million revenue. Onboarding a hotshot of a game on Immutable will bring good enough capital to enhance its systems. Immortal Rising will hold a second closed beta test with an evaluation occurring today, July twenty third, for the CBT applicants.
IMX market cap currently at $2.4 billion. Chart: TradingView
One other bombshell for Immutable is from a recent blog post that was released today. In response to their metrics, over 380+ games are currently in development on Immutable’s platform. Additionally they boasted the platform’s zero-knowledge Ethereum virtual machine (zkEVM) is certainly one of the fastest growing chains “in history” with over 2.2 million lively users.
This can be a strong indicator that industry-wise, Immutable has a trustworthy platform for developers to make use of, thus giving investors and traders confidence that IMX is a worthwhile investment.
Will Your Portfolio Be Evergreen?
IMX’s current position is somewhat unstable and protected at the identical time. The $1.458 support level has held for the reason that later a part of June, however the $1.706 resistance has also held its ground against the bulls. If the bulls have a probability of getting through $1.706, any major market motion done by the highest cryptocurrencies could influence the value whether for the higher or for worse.
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Nevertheless, if the bulls can break through $1.706 they’ll have an open road toward the ~$2 mark. Keeping this in mind, investors and traders should hold until any sign that the market slippage today is simply temporary and never a prelude to worse things to return.
But with the positive on-chain news it has this month, there’s a probability IMX will go against the grain of a market downturn and proceed its rise.
Featured image from Bloomberg, chart from TradingView