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The cryptocurrency market has recovered from yesterday’s downturn, with most coins now trading in the green zone.
IMX, the native coin of the Immutable X blockchain, is down more than 1% in the last 24 hours. Despite positive news from the community a few hours ago, the coin is performing poorly.
The Immutable X team announced a few hours ago that the GameStop NFT Marketplace is officially live on their network.
we are excited to share it @GameStopNFT The Marketplace has officially launched on ImmutableX!
powered by @StarkWare Ltd next generation web3 game evolution #onIMX https://t.co/Dx2zLZKpab pic.twitter.com/4cxobxRgOo
Immutable $IMX (@Immutable) October 31, 2022
GameStop is one of the world’s leading gaming companies and the decision to launch an NFT marketplace with Immutable X is huge for the ecosystem. However, IMX has yet to recover following this announcement.
The IMX underperformance comes as the broader cryptocurrency market slowly recovers from its recent downturn. Cryptocurrency market capitalization is over $1 trillion, up less than 1% in the last 24 hours.
BitcoinIt is the world’s number one cryptocurrency. ether It has also traded above $1,500 and is up less than 1% over the last 24 hours.
The IMX/USD 4-hour chart is bearish as Immutable X has been underperforming over the last 24 hours. Technical indicators show that IMX underperforms against the broader crypto market today.
The MACD line is swirling towards the negative zone, indicating that the bears are dominating the IMX market. A 14-day RSI of 44 also indicates that the IMX could enter oversold territory as selling pressure builds.
At the time of writing, IMX is trading at $0.5955 per coin. However, if the bearish trend intensifies, IMX could break below the first major support level of $0.5295.
The bullish nature of the broader market and GameStop news could cause IMX to move higher in the short term. In that case, the IMX could move towards the $0.681 resistance level for the first time in about a month.
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