IMX Surges 4% as Immutable Announces New Staking Rewards

IMX, the native coin of the Immutable blockchain, has shown remarkable performance among the top 100 cryptocurrencies by market cap, gaining nearly 4% in value over the last 24 hours. This surge has positioned IMX as a standout performer among major Web3 gaming tokens, setting the stage for potential new highs in the coming days.

Immutable's recent announcements have significantly boosted IMX's performance. The blockchain platform introduced a new staking rewards system tied to NFT transaction fees, offering biweekly IMX payouts to stakers. This initiative aims to enhance user engagement and drive demand for the token. The community is eagerly awaiting the upcoming "Genesis" rewards announcement, where IMX stakers will receive 0.2% of the $END token supply.

In addition to the staking rewards, Immutable's CEO, Robbie Ferguson, revealed that the company is actively onboarding new games to the blockchain. The platform is also in discussions with multi-billion-dollar studios from the Web2 space regarding gaming tokens. These developments have generated excitement within the community, who are optimistic about IMX's price potential in the medium to long term. The community is also looking forward to Ferguson's interview with NYSE TV Live, where he may unveil some of Immutable's upcoming projects.

Immutable's influence in the NFT ecosystem is also growing. The blockchain recorded $34 million in weekly NFT trading volume, a 21% increase. This growth underscores IMX's utility in the NFT space, making it a key token for gamers and digital collectors.

Technical analysis of the IMX/USD 4-hour chart indicates a bullish but inefficient trend, suggesting that the token could sweep liquidity around $0.442 before rallying higher. The Relative Strength Index (RSI) of 63 shows that buyers are currently in control of the market, while IMX’s MACD lines are in the bullish zone due to its recent rally. At press time, the price of IMX stands at $0.466, up 4% in the last 24 hours.

If the bullish trend continues, IMX could test the first resistance level at $0.577, with the Valid Trading Range (VTR) also around that price. Surpassing the $0.577 resistance level could see IMX rally higher to $0.676 for the first time since May 28. Upcoming announcements by the Immutable team this week could further boost IMX’s price in the short to medium term. However, if the bullish trend falters, IMX could retest the 4-hour Inducement Liquidity (ILQ) at $0.419, with a potential drop to the $0.340 level if that key level is not defended.