The Immutable x token is on track to suffer its first weekly loss in four weeks despite the strong performance of its ecosystem.
Immutable
Passport users reach 3 million
In an emailed statement, Immutable This is a large increase since the platform had less than 300,000 registrations in January.
The current trend is mainly due to three titles that have continued to perform well. RavenQuest has attracted more than 200,000 monthly active users, while games like SpaceNation and Immortal Rising 2 are getting more traction.
A recent report by Messari He also confirmed that the Immutable x network was growing. Its daily active addresses increased 91,900% in the second quarter to 282k, mainly due to the launch of the Main Quest rewards program.
According to Messari, the number of nft buyers on Immutable increased by 56% quarter-on-quarter, while sellers increased by 18%.
However, CryptoSlam data shows that nft sales and users have receded in the last 30 days. Sales fell 14.6% to more than $14.5 million, while buyers and sellers fell more than 82%.
Its total value locked in the decentralized finance industry has also stagnated, remaining at 14.5 million dollars in recent months.
Immutable x is one of the largest Layer 2 networks in the crypto industry. Unlike other Layer 2 blockchains like Polygon (POL) and Arbitrum (ARB), it has focused on the gaming and nft industries.
A key challenge is that it faces substantial competition from TON Blockchain, which has become a major player due to the growth of the tap-to-earn industry. Other major competitors are Gala Games (GALA) and Ronin (RON).
Immutable x finds support at the 50 EMA
<img loading="lazy" decoding="async" width="1024" height="568" src="https://crypto.news/app/uploads/2024/10/Immutable-x-price-1024×568.png” alt=”IMX Price Reaches Key Support as Immutable Passport Registrations Surge – 1″/>
The IMX token encountered substantial resistance at $1.9527 on September 23 and has fallen sharply this week. This decline is mainly due to the current sell-off in the cryptocurrency industry amid rising geopolitical risks..
It has fallen below the key support of $1.70, its swing high in June. On the positive side, it found support at the 50-day moving average and formed an inverse head and shoulders pattern, increasing the possibility of a bounce to the next resistance point at $1.70.
