Is this gaming token ready to plummet after a 56% rally in the last week?


  • Gaming tokens witnessed a massive boost in their prices in the week leading up to the Game Developers Conference scheduled for March 20 to 24. 
  • ImmutableX’s IMX token yielded 56% gains for holders since March 13, ahead of the biggest utility upgrade and announcement of a web3 gaming partnership. 
  • IMX’s big reveal could turn out to be a sell-the-news event, wiping out gains from the past week with 18 million token unlock on March 25

With the Game Developers Conference between March 20 and 24, gaming tokens witnessed a massive boost in their prices. IMX token yielded 56% gains since March 13, alongside other blue-chip gaming tokens like Axie Infinity (AXS), The Sandbox (SAND), ApeCoin (APE) and Magic (MAGIC). 

ImmutableX is set to unveil a web3 gaming partnership later today and there is a token unlock event scheduled for March 25. It remains to be seen whether the event will turn out to be sell-the-news for IMX. 

Also read: Is the US Federal Reserve’s bailout of international banks a bullish signal for Bitcoin?

ImmutableX announces biggest utility upgrade and web3 gaming partnership 

Immutable is a platform that provides layer two solutions on the most secure and decentralized layer one, the Ethereum blockchain. APIs and developer tools that make it easy to build on layer two. 

The platform announced its biggest utility upgrade on March 20, the first of the three fundamental updates to Immutable. Robbie Ferguson, the co-founder of Immutable tweeted earlier today: 

Ferguson assured the crypto community that this will be one of the biggest token utility upgrades in history, the countdown timer on the website is counting down to 6.5 hours.

The layer-2 solution platform will announce its web3 gaming partner in a live event today. 

$26.3 million worth of IMX tokens set to unlock on March 25, here’s what it means 

IMX token unlock is scheduled for March 25. 18 million IMX tokens worth $26.3 million are set to be unlocked this week. Based on data from the Token Unlocks portal, 9.6 million IMX will be unlocked for project development and 8.4 million for Private Sales.

March 25 unlock accounts for 0.90% of IMX total supply

The March 25 unlock accounts for 0.90% of IMX’s total supply. 

After yielding 56% gains for holders, IMX token is likely to witness a correction. With the upcoming token unlock and the corresponding increase in selling pressure, IMX could wipe out its recent gains. 

In the week leading up to the Game Developers Conference, IMX price yielded double-digit gains. As the anticipation surrounding gaming tokens declines, IMX price could note a decline. 

Can IMX invalidate the bearish thesis and rally?

Akash Girimath, lead analyst at FXStreet believes the IMX token is primed for a 70% price rally. The expert noted the inverse head-and-shoulders formation. Using the technical formation on the three-day chart, Girimath forecasted a 70% upswing to $2. 

IMX/USDT 3D price chart

IMX/USDT 3D price chart

The analyst identified $1.32 as the breakout point and set $2 as the bullish target for the gaming token.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews

Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews

Bitcoin trades around $68,000 early on Monday, less than 10% away from its all-time high of $73,777 on Binance. Ethereum ETF anticipation brews among traders and Ether investment products see inflow of over $45 million in the past week. 

More Cryptocurrencies News

Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60

Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60

Ripple (XRP) trades around a key psychological level of $0.60, early on Monday. The altcoin recently made headlines for its highest weekly gain of 2024, over 40%. XRP sustained nearly 21% of the gains from the last seven days. 

More Ripple News

Solana could cross $200 if these three conditions are met

Solana could cross $200 if these three conditions are met

Solana’s total value locked climbs 18% in July to $5.38 billion, as seen on DeFiLlama. Solana sustains over 20% gains in the past seven days, corrects nearly 3% on Monday. Active addresses and new address count in the Solana network have increased throughout July.

More Solana News

ALT, WLD, ENA, ID set for $200 million token unlocks next week

ALT, WLD, ENA, ID set for $200 million token unlocks next week

The crypto market is set to experience another wave of token unlocks next week, with Altlayer (ALT), Worldcoin (WLD), Ethena (ENA), and Space ID (ID) set for a combined token unlock worth about $200 million.

More Cryptocurrencies News

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.

Read full analysis

BTC

ETH

XRP