Immutable X Cements Position With 32% Rally – How Far Is IMX Heading?

Christian Encila

1 year ago

3 mins read

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Celebrated as the paramount force in the realm of Web3 gaming, Immutable X (IMX) has emerged as the go-to blockchain, steering the course for NFTs and in-game transactions.

This blockchain powerhouse has solidified its position as the industry leader, particularly renowned for its association with blockbuster titles such as Gods Unchained and Guild of Guardians.

The native token IMX of Immutable X has had an amazing upswing, rising by an astounding 140%, in an intriguing turn of events. From the bottom of a bear market, when it was trading at under $0.50, it has made a spectacular comeback and is currently trading at a healthy $1.12.

Immutable X: Distinctive Mark On Digital Horizon

With the yearly high of $1.56, which was reached in March, rapidly approaching, it begs the crucial question: Will this increasing trend in values continue? The scene is set, the figures are moving, and analysts keep a close tab on the next developments in IMX’s financial story.

In the ever-evolving landscape of digital entertainment and blockchain technology, Immutable X has carved a niche for itself by not only powering but revolutionizing the gaming experience.

Distinguishing itself by dedicating its prowess solely to the gaming and NFT sectors, Immutable X has successfully lured projects that once called other chains home.

IMX market cap slightly above $1.4 billion today. Chart: TradingView.com

Immutable has recently announced a new collaboration with Ubisoft, a prominent gaming company known for its successful series such as Assassin’s Creed and Prince of Persia. This relationship marks a significant advancement for the platform.

Ubisoft’s partnership with Immutable seeks to smoothly incorporate decentralized technology into games, emphasizing player ownership and enjoyment despite recent setbacks in its NFT attempts.

In response to the recent statement made by Ubisoft, there has been a significant market rally for IMX. Over the course of the previous week, the price of the token has experienced a notable increase of more than 30%.

IMX price action in the last week. Source: Coingecko

Strong Collaboration And ‘Digital Ownership’

Immutable CEO and co-founder James Ferguson stated that the collaboration between the two companies will provide players with “digital ownership.”

In a released statement, Ferguson expressed the intention to leverage the full strength of their ecosystem to guarantee the success of the partnership. He expressed confidence in delivering a novel and captivating experience that players will thoroughly enjoy.

Coming up to the last quarter of 2023, DigitalCoinPrice predicts a bright future for IMX, with the token rising to about $2.17.

Conversely, Coincodex presents a more negative outlook, projecting that the token will trade between $1.028443 and $1.308523 for the balance of the year.

This suggests a period of relative stability for IMX on average, with the token predicted to continue on a flat trajectory until the start of 2024.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from PlayToEarnGames.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.