Key Takeaways
Billed as a Web3 gaming platform to power NFTs and in-game transactions, Immutable (IMX) has become the go-to platform for titles such as Gods Unchained and Guild of Guardians.
By focusing exclusively on the gaming and NFT market, Immutable has even attracted projects that were previously hosted on other chains. For example, after the collapse of the Luna stablecoin in 2022, Tatsumeeko, Star Heroes, and others abandoned Terra in favor of IMX.
Meanwhile, games like Delysium and Ember Sword have migrated to Immutable from Polygon.
Game developers received a boost when the network announced in January 2024 that it would release a zero-knowledge Ethereum Virtual Machine platform.
This news came after it signed a partnership with gaming giant Ubisoft in November 2023.
Meanwhile, the platform’s IMX Marketplace shut down in September 2024.
On Oct. 3, 2024, the price of IMX was about $1.60.
Let’s now examine our price predictions for Immutable, made on Oct. 3, 2024. We will also examine the IMX price history and discuss what IMX is and does.
Here are the Immutable price predictions from CCN on Oct. 3, 2024. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, should be taken cautiously.
Minimum Immutable Price Prediction | Average Immutable Price Prediction | Maximum Immutable Price Prediction | |
---|---|---|---|
2024 | $1.44 | $1.80 | $2.16 |
2025 | $1.82 | $2.05 | $2.28 |
2030 | $3.50 | $4.50 | $5.50 |
In Nov. 2022, the weekly RSI for IMX fell to an all-time low of 33. It then began an upward movement and broke out above 50, while the price broke out from a long-term descending resistance trend line that had existed for 420 days.
IMX price broke out after a 420-day upward movement with a magnitude of 860%. However, a descending resistance trend line has since contained the price. The weekly RSI confirmed this downtrend by dropping to 30 in July.
Then, after 196 days, the IMX price broke out from the trend line in a similar movement to that in 2022. However, the trend line had a shorter duration.
If a movement with the same magnitude as the one in 2022 and the same length as the trend line transpires, IMX will reach a high of $8.70 in March 2024. Then, it could begin a lengthy correction.
During these projected upward and downward movements, the fractal method leads to IMX price predictions of $1.80 and $2.05 for the end of 2024 and 2025, respectively. We will then add and remove 20% from these targets to develop our minimum and maximum IMX price predictions.
Finally, we used the daily rate of increase for the past two years to make an Immutable price prediction for the end of 2030.
Since October 2022, the IMX price has increased at a daily rate of increase of 0.10%. Projecting this rate of increase until the end of 2030 leads us to an IMX price prediction of $4.50.
The fractal method predicts an IMX price range between $1.44 and $2.16 by the end of 2024.
The fractal method predicts an IMX price range between $1.82 and $2.18 by the end of 2025.
Finally, using the daily rate of increase for the past two years, the IMX price prediction range for the end of 2030 is $3.50 to $5.50.
The daily time frame wave count shows that the IMX price broke out from a descending resistance trend line in August. Before doing so, it made three unsuccessful breakout attempts (black icons).
During the breakout, the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) turned bullish. The RSI increased above 50 and the MACD crossed into positive territory.
However, the IMX price failed to break out from the $1.85 horizontal resistance area. Rather, it was rejected (black circle) and started a downward movement. Then, the MACD made a bearish cross, while the RSI risks falling below 50.
The closest support is $1.40, created by an ascending support trend line (white).
So, technical indicators and the price action from the daily time frame give mixed readings.
The IMX price prediction for the next 24 hours is likely bearish, suggesting a decline toward the ascending support trend line is likely.
As of the time of writing, the trend line is at $1.40.
The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days. A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility.
On July 24, 2024, the weekly ATR for IMX was 0.128, a sign of low volatility.
The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above 70 and below 30 show over and undervaluation, respectively. Movements above and below the 50 line also indicate if the trend is bullish or bearish.
Currently, the RSI stands at 51.95. This implies that IMX is neither oversold nor overbought – It is in a state of accumulation.
The Market Cap to Total Value Locked (TVL) ratio measures the valuation of a decentralized finance (DeFi) project by comparing its market capitalization to the total value of assets locked in its smart contracts.
This ratio shows the project’s utilization and links the platform’s health to locked asset value.
A ratio above 1.0 indicates overvaluation because the market cap exceeds the value of assets used in the platform. A ratio below 1.0 indicates undervaluation because the market cap is lower than the value of locked assets.
On July 29, 2024, the IMX TVL ratio was 26, indicating significant overvaluation.
We examined the IMX price history and found the lowest prices on certain days, months, quarters, and even weeks in the year, indicating the best times to buy IMX.
Time to Buy IMX | Days, Weeks, Months and Quarters |
---|---|
Best Days | Wednesday |
Best Week | 12 |
Best Month | November |
Best Quarter | Fourth |
Immutable is a Layer-2 scaling solution that supports smart contracts and focuses on gaming. Let’s compare it to similar projects.
Let’s now take a look at the Immutable price history . While past performance should never be taken as an indicator of future results, knowing what the token has done can help give us some very useful context when it comes to either making or interpreting an Immutable price prediction.
Time Period | IMX Price |
---|---|
Last Week (Sept. 26, 2024) | $1.84 |
Last Month (Sept. 3, 2024) | $1.28 |
Three Months Ago (July 3, 2024) | $1.52 |
One Year Ago (Oct. 3, 2023) | $0.7831 |
Launch Price (Nov. 6, 2021) | $5.24 |
All-Time High (Nov. 26, 2021) | $9.50 |
All-Time Low (Dec. 31, 2022) | $0.3778 |
The market capitalization, or market cap, is the sum of the total number of IMX in circulation multiplied by its price.
On July 29, 2024, Immutable’s market cap was $2.5 billion, making it the 36th-largest crypto by that metric.
On Oct. 3, 2024, one wallet held over 35% of IMX’s supply.
As of Oct. 3, 2024, the five wallets with the most Immutable were:
Supply and distribution | Figures |
---|---|
Maximum Supply | 2,000,000,000 |
Circulating supply as of Oct. 3, 2024 | 1,605,299,431 (80.26% of maximum supply) |
Holder distribution | The top 10 holders owned 78.61% of the total supply as of Oct. 3 2024 |
In its technical documentation or whitepaper , Immutable claims to be the first layer 2 scaling solution for non-fungible tokens (NFTs).
It says: “Immutable is the fastest scaling solution for NFTs ever built, developed with StarkWare’s powerful STARK provider and roll-up technology.
“The IMX token is the native ERC20 utility token of the Immutable protocol, which users can earn by conducting pro-network activities such as trading, and which can be used to pay fees, perform governance, or stake on the protocol.”
An Australian tech company founded by James and Robbie Ferguson, Immutable founded the Immutable platform in 2021.
Immutable is a platform designed to both make transactions on the Ethereum (ETH) blockchain quicker and to help people create and trade non-fungible tokens (NFTs).
In other words, it is a layer-2 scaling solution and an NFT trading platform.
The system has its own native cryptocurrency, known by the ticker handle IMX.
Immutable takes transactions off Ethereum and executes them before returning them to the chain. It also allows people to buy, sell, and trade NFTs using an order book and liquidity pool.
It funds itself by taking 2% of all NFT sales on the platform.
IMX pays for transactions on the network. Holders can set it aside or stake it in return for rewards. People can also buy, sell, and trade it on exchanges.
Since Immutable is based on Ethereum, it is a token rather than a coin. You might see references to things like an Immutable coin price prediction, but these are wrong.
It is hard to say. Although the token has been pretty stable recently and was even on an upturn at the time of writing, there are still some issues. The closure of the IMX Marketplace would not have looked good for investors, for instance.
It is also worth noting that NFT-related tokens took a beating in 2022. Therefore, it is difficult to tell whether that sector will ever see a recovery.
As always with crypto, you should do your own research before deciding whether or not to invest in IMX.
No one can really tell right now. While the Immutable crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind that prices can and do go down and up.
Before deciding whether to invest in Immutable, you must research IMX and other related coins and tokens, such as Apecoin (APE) and Arbitrum (ARB). Either way, you must also ensure you never invest more money than you can afford to lose.
If it does, it won’t be until the 2030s at the very earliest.
IMX is used to pay for transactions on the Immutable platform. The token can be bought, sold, and traded on exchanges.