IMX Price Drops by 12% Despite Polygon Labs and Immutable X Partnership


Key takeaways

  • Polygon Labs has formed an alliance with Immutable X to roll out the Immutable zkEVM.

  • Despite the strategic partnership between Polygon Labs and Immutable X, IMX has dropped by 12% in the last 24 hours.

  • The cryptomarket is also underperforming after yesterday’s rally.

Polygon Labs and Immutable X join forces

Polygon Labs shared in a blog post on Monday that they have linked up with Immutable X to launch the Immutable zkEVM. 

The firm added that incorporating Immutable zkEVM with the Immutable Platform would make constructing Web3-enabled games easier, faster, and less risky for both large game studios and independent developers. 

Despite this latest cryptocurrency news, IMX, the native token of the Immutable X ecosystem, has been struggling in the last few hours. IMX has gone down by 12% in the last 24 hours and could go lower if the trend continues.

At press time, the price of Immutable X is $1.276 and could fall further as the broader market weakens. The overall cryptocurrency market cap is now at $1.16 trillion, down by more than 1% today.

Bitcoin and the other major cryptocurrencies are also facing losses, with Bitcoin now trading below the $28k level.

Key levels to watch

The IMX/USD 4-hour chart is presently bearish, as Immutable X has been underperforming recently. The technical indicators point to the market turning bearish.

The MACD line is still in the positive region but is moving closer to the neutral zone. The 14-day RSI of 43 also shows that IMX is close to the oversold region if the bearish trend continues.

If the bears remain in control, IMX could fall below the first major support level at $0.800 over the next few hours or days. However, unless there is a huge drop in prices, IMX should easily defend its price above the second major resistance level at $0.700.

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