IMX has been surging well in January. Like many other cryptocurrencies, the token has been on a positive trend, attracting many investors and traders. IMX is up 91%. Will it sustain the move to $1? Let’s explore this in today’s IMX price prediction.
MX Begins The Year on Positive Trend
ImmutableX (IMX) has seen a 10.90% price increase in the past 7 days, surpassing the global crypto market growth of 0.64%. It’s also outperforming other Ethereum-based cryptocurrencies, up by 1.65%.
For the whole of January, IMX has been on a positive uptrend. This has attracted more investors and traders, who are flocking to buy. The price of IMX rose by 91.5% for the whole of January, from $0.39 on January 2 to $0.71 on February 1.
IMX is proving to be an opportunity in 2023. If you are considering investing in the token, now might be the right time. IMX has been involved in a few projects, including the recent launch of the all-in-one Immutable Passport. This multi-platform wallet and authentication solution simplifies access to Web3 marketplaces and games for new users.
The sentiment among the community is positive, as over 86% of participants have a favorable view of ImmutableX (IMX).
Daily IMX Technical Analysis
The last 24 hours saw a 6.835878319912071% increase in the price of ImmutableX (IMX), which is now valued at $0.739330 at press time and has a 24-hour trading volume of $52,029,631. The past 7 days have shown a 14.589230874550443% price increase for IMX, and its circulating supply of 790 million coins results in a market cap of $587,234,669.
The daily chart shows the cumulative stage for the IMX price from mid-November to January 6. The bulls aggressively push the market price up, breaking the 50-day and further 200-day moving averages, respectively.
However, the market price has reached a resistance level of $0.79. The price might break the resistance level and push the market upwards to the next horizontal ray resistance at $1.278. Furthermore, the moving averages confirm the upward movement.
IMX Price Prediction
The technical and fundamental analysis shows us the direction of the price of IMX. With this, we forecast the price of IMX to reach $1.27 by the end of Q1 2023. Additionally, IMX might be a worthy investment in 2023.
About Immutable X (IMX)
Immutable X (IMX) is a decentralized exchange (DEX) built on the Ethereum blockchain. It uses zero-knowledge proofs to ensure that trades are executed privately, securely, and quickly. IMX offers a platform for users to trade cryptocurrencies and tokens in a trustless and decentralized manner, with no central authority or intermediaries controlling the platform.
IMX operates on a layer-2 scaling solution, which takes advantage of Ethereum’s security while providing faster and more affordable transactions. This is achieved by using the zero-knowledge proof technology called zk-rollups.
Users can trade a wide range of assets on the platform, including cryptocurrencies, tokenized real-world assets, and non-fungible tokens (NFTs). The decentralized nature of the platform means that users have full control over their assets, as no central authority is holding them.
To trade on the IMX platform, users must first deposit their assets into the platform’s smart contract, which acts as a secure escrow. They can then execute trades directly with other users on the platform. The platform operates on a matching engine, facilitating trades and ensuring they are executed efficiently.
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