The IMX token of the Immutable platform is showing strong positioning amid rising NFT sales, despite certain negative indicators.
IMX Price Dynamics
On Friday, June 27, IMX was trading at $0.419, above the double bottom level of $0.3458. The current price remains 50% below May's peak and 90% below last year's high.
Immutable's Position in the NFT Market
According to CryptoSlam data, Immutable has become the largest player in the NFT sector, overtaking popular chains such as Ethereum, Solana, Avalanche, and Mythos. NFT sales have increased by 23% over the past week to over $34.9 million, with the number of buyers up nearly 20% to 11,080.
Technical Analysis of IMX Price
The daily chart indicates that IMX's price has been in a downtrend for the past few months, dropping to key support at $0.3458. The formation of a double bottom suggests a potential bullish reversal, confirming at the neckline of $0.8100.
Despite the increase in NFT volume, Immutable faces challenges such as a decline in unique active wallets. The future of IMX depends on holding support levels and price dynamics.
