Immutable X (IMX), a layer-2 scaling solution on the Ethereum blockchain, has seen a remarkable price surge of over 15% after its listing on the South Korean exchange Upbit. The token price has risen to its highest level since May 6, standing at $0.83.
The listing on Upbit, one of South Korea’s leading crypto exchanges, has generated a lot of interest in the token, with the market seemingly in a consolidation phase. Moreover, IMX has recently formed a strategic partnership with Helika Analytics, which has opened up the possibility of users being able to perform in-depth analysis using the platform’s no-code tools, adding value to the Immutable X ecosystem.
IMX’s native token has various uses in the ecosystem, such as allowing token holders to stake and participate in governance decisions, as well as being a utility token to pay fees within the platform. As of now, the token’s price stands at $0.7719, with a 24 hour increase of 6.67% and a circulating supply of 1.08 billion tokens. The market cap of IMX is currently at $840,702,662.
The weekly Relative Strength Index (RSI) reading is at 52.5, which indicates a balanced market sentiment, and the price is currently around the resistance level. There is much anticipation around the token’s trajectory, with many speculating its potential to attract further attention from the crypto community.
This article was originally published on Crypto.news.