The cryptocurrency market is recovering from yesterday’s slump, with most coins now trading in the green zone.
IMX, the native coin of the Immutable X blockchain, is down by more than 1% in the last 24 hours. The coin has been underperforming despite positive news coming out from the community a few hours ago.
The Immutable X team announced a few hours ago that the GameStop NFT marketplace is officially live on its network.
We’re excited to share that the @GameStopNFT Marketplace is officially live on ImmutableX!
Powered by @StarkWareLtd and advancing the next generation of web3 games #onIMX 🅧 https://t.co/Dx2zLZKpab pic.twitter.com/4cxobxRgOo
— Immutable (@Immutable) October 31, 2022
GameStop is one of the leading gaming companies in the world and the decision to launch its NFT marketplace on Immutable X is a huge one for the ecosystem. However, IMX is yet to rally following this announcement.
IMX’s underperformance comes as the broader crypto market slowly recovers from its recent slump. The total cryptocurrency market cap remains above $1 trillion, up by less than 1% in the last 24 hours.
Bitcoin, the world’s number one cryptocurrency, is still trading above the $20k psychological level despite losing less than 1% of its value today. Ether is also trading above $1,500 and is up by less than 1% in the last 24 hours.
Key levels to watch
The IMX/USD 4-hour chart is turning bearish as Immutable X has been underperforming over the last 24 hours. The technical indicators show that IMX is underperforming against the broader crypto market today.
The MACD line is spiralling toward the negative zone, indicating that the bears are taking control of the IMX market. The 14-day RSI of 44 also shows that IMX could enter the oversold region if the selling pressure increases.
At press time, IMX is trading at $0.5955 per coin. However, if the bearish trend increases, IMX could drop below the first major support level at $0.5295.
The bullish nature of the broader market and the GameStop news could push IMX higher in the near term. If that happens, IMX could move toward the $0.681 resistance level for the first time in nearly a month.