Immutable zkEVM, a gaming-focused Layer 2 rollup powered by the Polygon platform and developed by Immutable (IMX), has recently launched its early access mainnet. This new platform is compatible with Ethereum Virtual Machine (EVM) smart contracts and uses zero-knowledge proofs for security.
It aims to combine the advantages of zero-knowledge rollup technology with the Ethereum ecosystem. The platform offers EVM compatibility, low costs, significant scalability, and robust security for gaming applications.
More than 200 games, including Guild of Guardians and Metalcore, are set to launch on the network. Immutable is anticipating dominating about 70% of the web3 gaming sector. The launch comes at a time when GameFi tokens, including IMX, have seen market cap growth, outperforming the broader cryptocurrency market. Immutable zkEVM also introduces features like gasless transactions and smart contract templates to enhance the gaming experience and facilitate development for game designers.
Meanwhile, the price of the IMX token has managed to maintain its high of $2, first reached on December 9, from a low of $0.50 on October 19. This 400% surge of has shown some signs of weakness, but what is next for the price of Immutable X?
The price of IMX entered a consolidation zone of between $0.37 and $1.40 on May 10, 2022. An attempt to break above it took place on March 18 last year, but the price reverted back to its support.
A higher low of $0.50 came on September 11, after which a new uptrend began. This led to a breakout and a recent high of $2.60. These were the three sub-waves of a starting bull phase, which should develop in a five-wave manner.
Wave three came at the 1.618 Fibonacci extension, further validating the belief that ImmutableX was in a bull phase. The Relative Strength Index (RSI) technical indicator reached the overbought zone in December. However, it cooled off with its last downturn and returned to 39%.
The diminishing volume from December’s high could also indicate the last downtrend was corrective. If this is the case, another upturn will start shortly. Since January 21, when IMX fell to $1.70, it has recovered 21%. This could be the start of a new uptrend.
If this is the case, IMX could hit a new high above its previous one and potentially reach $3 by May.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.