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Key takeaways
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Polygon Labs has partnered with Immutable X to launch the Immutable zkEVM.
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IMX is down by 12% right now regardless of the strategic partnership introduced between Polygon Labs and Immutable X.
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The broader crypto market is underperforming after a superb rally yesterday.
Polygon Labs and Immutable X announce a strategic partnership
Polygon Labs introduced in a blog post on Monday that it has partnered with Immutable X to launch the Immutable zkEVM.
Polygon Labs added that constructing on Immutable zkEVM with the Immutable Platform would make growing Web3-enabled video games sooner, simpler and fewer dangerous for giant sport studios and unbiased builders alike.
Despite this latest cryptocurrency news, IMX, the native token of the Immutable X ecosystem, has been underperforming over the previous few hours. IMX is down by 12% within the final 24 hours and will drop decrease if the development continues.
At press time, the price of Immutable X stands at $1.276 and will commerce decrease because the broader market retreats. The whole cryptocurrency market cap now stands at $1.16 trillion, down by greater than 1% right now.
Bitcoin and the opposite main cryptocurrencies have additionally been underperforming, with Bitcoin now buying and selling under the $28k degree.
Key ranges to observe
The IMX/USD 4-hour chart is at the moment bearish, as Immutable X has been underperforming over the previous few hours. The technical indicators present that IMX is shedding among the earnings it generated over the previous few days.
The MACD line is nonetheless above the impartial zone however is heading into the destructive area, indicating that the market is turning bearish. The 14-day RSI of 43 additionally reveals that IMX is near the oversold area if the bearish development continues.
If the bears stay in management, IMX may drop under the primary main assist degree at $0.800 over the following few hours or days. However, except there is a large decline in costs, IMX ought to comfortably defend its value above the second main resistance degree at $0.700.
Where to purchase Immutable X now
Huobi
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