Immutable X (IMX) skyrocketed on Friday, becoming the best-performing cryptocurrency of the day while the rest of the market was in a consolidation phase. The token’s price rose by more than 20%, hitting a high of $0.9290, the highest point since May 6. In total, it has increased by 58% since its lowest point in June.
The rally was driven by a series of partnerships made by Immutable X, a layer-2 blockchain network that focuses on gaming and non-fungible tokens (NFT). It is designed to solve some of the main challenges faced by Ethereum, such as high fees and slow transaction speeds.
On Thursday, the developers announced a partnership with Helika Analytics, allowing creators in the ecosystem to use its no-code tools for in-depth analysis. The same day, Ef Defense, a developer using Immutable tools, declared its commitment to Immmutable zkEVM tool. The CEO said that Endless Frontier had over 30 million downloads and $80 million in revenue, and the collaboration with Immutable would offer invaluable expertise on how to promote web3 games.
Following that, the value of the pipeline of games in the ecosystem grew to over $2.5 billion thanks to a new partnership with Polygon.
The 4-hour chart of IMX reveals that the token made a strong recovery in the overnight session and broke the resistance level at $0.8420. It has also moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved to the overbought level. Therefore, the token is expected to retest the support at $0.80.
Another important crypto news is that AltSignals’ token sale gained traction this week, raising over $1.2 million, which represents 54% of all the available tokens. AltSignals is a company that plans to use AI, neural language processing (NLP), and machine learning in the financial market. The existing platform will transition from a centralized one to a decentralized one, allowing $CHANCER token holders to vote for key activities in the network. There will also be profit-sharing mechanisms in the network.
The main reasons to buy the ASI token are the 12% hike of the token’s price in the next stage of the sale, the current high demand for stocks and tokens in the AI industry, and the Fed’s likely final interest rate of the year.
