IMX Sees First Weekly Loss in Four Weeks Despite its Expanding Ecosystem
Immutable X (IMX) has retreated to $1.4655 on October 4, the lowest price since September 9, that is a 22.4% drop from its highest value this month. This is the first weekly loss of IMX in four weeks despite the positive development within its ecosystem.
Immutable Passport Signups Soar
In a statement today, Immutable X announced that signups for its Immutable Passport have grown exponentially, reaching over 3 million users today from just 300k in January. Much of this has come with the success of titles like RavenQuest, which has pulled in over 200k monthly active users. Other games like SpaceNation and Immortal Rising 2 have also contributed to the growth of the platform.
Immutable X Network Growth
A report published by Messari confirmed the rapid growth of the network at a 91,900% increase in daily active addresses during Q2 at numbers reaching 282k. That has been majorly attributed to the release of the Main Quest rewards program. Along with all this, NFT activity on Immutable X also saw an increase, with NFT buyers growing 56% quarter-over-quarter, and sellers were up 18%.
NFT Sales Down
However, despite the high performance of the ecosystem, data from CryptoSlam reports a shrinkage in the NFT sales and user activity on the blockchain in the last 30 days. While sales declined by 14.6% to $14.5 million, buyers and sellers fell by more than 82%.
Competition and Market Challenges
It also faces stiff competition from other blockchain platforms such as TON Blockchain, Gala Games, and Ronin. These include the tap-to-earn growth of TON, with growing pressure in the wider crypto market on the back of rising geopolitical risks.
Technical Outlook: IMX Finds Support
Technically, IMX broke below an important support area of $1.70, but the 50-day EMA showed support. An inverse head-and-shoulders would suggest a bounce could occur; the next area of resistance is around the $1.70 level.
