Immutable X down by 6% despite Nifty Gateway partnership: will it recover soon?

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Immutable X down by 6% despite Nifty Gateway partnership: will it recover soon?

By Hassan Maishera - min read

Immutable X partnered with Nifty Gateway a few hours ago, but that hasn’t been enough to push IMX higher in the short term.

IMX, the native coin of the Immutable X network, is down by more than 6% in the last 24 hours. The poor performance comes despite Immutable X announcing a major partnership.

The Immutable X team announced a few hours ago that it had partnered with Nifty Gateway, an all-in-one platform that empowers users to buy, sell, and store digital art and collectibles.

This latest cryptocurrency news means that Nifty Gateway is the first chain added outside of Ethereum that offers a premium and frictionless trading experience to the web3 gaming space on the Immutable X network. 

IMX’s poor performance also comes as the broader cryptocurrency market losses some of the gains it had accumulated earlier this week.

The broader market has lost more than 1% of its value today, with the total crypto market cap now at $925 billion.

Bitcoin is down by more than 2% in the last2 4 hours and is now trading at around $19,200 per coin.

Key levels to watch

The IMX/USD 4-hour chart is bearish, as Immutable X has been underperforming over the last 24 hours.

IMX/USD Chart By TradingView

The MACD line has been below the neutral zone for more than a month now, indicating that the bears have been in control for a while.

The 14-day relative strength index of 30 shows that IMX could soon enter the oversold region.

At press time, IMX is trading at $0.594 per coin. If the bearish trend continues, IMX could drop below the first major support level at $0.5492 before the end of the day.

With the broader market in a bearish state, IMX could record further losses over the coming hours and likely drop below the $0.515 support level for the first time in months. 

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