IMX rallies after Immutable X launches a $500 million fund

    The cryptocurrency market carried out properly over the weekend after the large losses recorded final week.

    The cryptocurrency market recorded big losses final week, with billions of {dollars} worn out from the foremost cash and tokens. The whole market cap dropped beneath the $1 trillion mark for the primary time this yr a week in the past.

    However, the market recovered a few of its losses over the weekend. The cryptocurrency market is up by greater than 8% within the final 24 hours, with the whole market cap now round $900 billion.

    Bitcoin slipped in the direction of the $17k mark over the weekend however has now rebounded and at present trades above $20k per coin. Meanwhile, Ether maintains its worth above $1,100 after including greater than 9% to its worth within the final 24 hours.

    IMX, the native token of the Immutable X ecosystem, additionally carried out excellently over the previous 24 hours. IMX is up by greater than 9% and at present trades above $0.80 per coin.

    The catalyst behind this ongoing rally is the launch of the $500 million ecosystem fund by Immutable X. Robbie Ferguson, the co-founder of Immutable X, introduced over the weekend that they’d launched a $500 million ecosystem fund. He added that the fund is designed to again the following era of Web3 video games.

    Key ranges to look at

    The IMX/USD 4-hour chart is bullish as Immutable X has been performing properly over the previous 24 hours.

    The MACD line is throughout the impartial zone, indicating that IMX is not bearish in the meanwhile. The 14-day RSI of 60 exhibits that IMX is out of the oversold area and will quickly enter the overbought zone.

    If the rally continues, IMX might surge previous the primary main resistance degree at $0.898 earlier than the tip of the day. In the occasion of prolonged constructive efficiency, IMX might make a transfer in the direction of the second main resistance degree at $0.96 over the approaching hours or days. 

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