Immutable Outperforms The Market As IMX is Up 12% In 7 Days

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August 30, 2024

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The Immutable price has dropped by 2% in the past 24 hours, falling to $1.45 as the crypto market suffers a comparable 1.5% loss today.

However, IMX has held on to a 12% increase in the last seven days, while it has also outperformed the market in the past fortnight, with a 27% jump.

These gains bode well for the layer-two coin, which is also up by 155% in the past year, on the back of ImmutableX’s growth as a platform for Web3 gaming.

And with the market likely to enter more bullish territory in the next couple of months, we could see the Immutable price recover strongly very soon.

Immutable Outperforms The Market As IMX is Up 12% In 7 Days

Immutable remains in a strong position as far as its chart and indicators are concerned, suggesting that more gains may be coming in the near term, before a possible correction.

For instance, its 30-period moving average (orange) has remained above its 200-period average (blue) for over a week now, and despite a dip a couple of days ago it has resumed rising.

This suggests ongoing momentum, and while IMX’s relative strength index (purple) has also waned a little in the past few days it has returned to 50 today.

This puts it in a good position to return to growth soon, and with the coin’s resistance (red) and support (green) levels converging on each other, we may see a breakout of sorts in the next few days.

And for some analysts, its medium-term decline since the end of July prepares it for a big rebound in the next month or so (not to mention its decline since mid-March).

This seems like a reasonable analysis, with the all-but certain likelihood of rate cuts next month likely to increase market positivity.

This will boost prices of most cryptos, with coins that have stronger fundamentals likely to benefit more than others.

And it’s arguable that Immutable has some of the strongest fundamentals in the market, with its L2-based Web3 gaming platform now having hundreds of thousands of active users per month.

Data hub Token Terminal also posted on August 27 that Immutable has the fourth-biggest smart contract in crypto, in terms of the number of unique addresses interacting with it.

As such, it would seem hard to believe that the Immutable price will remain down for long.

It could return to $2 by the end of the year, before reaching $4 by Q2 2025.

Strengthening Portfolios with Small-Cap Alts

While IMX is a solid coin in terms of its utility and fundamentals, it does remain down by 85% in relation to its ATH of $9.52, set back in November 2021.

Traders may have to wait several months (if not longer) for it to mount a substantial recovery, in which case they may also consider diversifying their portfolios into newer altcoins.

Most new altcoins are of dubious quality, but one way of identifying those with more potential is to look for new tokens that have had successful presales.

One coin having a successful sale is Shiba Shootout (SHIBASHOOT), a new Ethereum-based crypto that has raised over $1 million in its token offering.

Shiba Shootout is turning heads because of how it mixes familiar Shiba Inu memes with Wild West motifs.

It’s in the process of building a community centered around participation in mini-games and contests, including poker tournaments, lotteries and virtual treasure hunts.

By offering rewards in SHIBASHOOT to successful participants, the project will incentivize greater engagement in its ecosystem and, by extension, greater SHIBASHOOT ownership.

Also incentivizing ownership and engagement will be the fact that holders of SHIBASHOOT will be able to participate in governance votes, while also staking the token.

The coin will have a max supply of 2.2 billion SHIBASHOOT, with its presale receiving 35% of this supply and staking 20%.

You can join its presale via the official Shiba Shootout website, where 1 SHIBASHOOT token now costs $0.02

This price will rise with each successive stage of the sale, while it could rally massively once it lists on trading platforms in the next few months.

Buy SHIBASHOOT Now