is the NFT platform token a purchase?

Immutable X, an Ethereum-based non-fungible token scaling (NFT) platform, launched its IMX token last month. The IMX / USD price has been volatile in the six weeks since its launch, peaking in late November before falling back in December. The price has increased slightly in recent days but remains below its introductory price.

What is X immutable? In this article, we take a look at the protocol and how the new cryptocurrency Immutable X works, and analyze the early predictions of the coin’s future price trend.

Immutable X facilitates Ethereum NFT transactions

The Immutable X platform was created by Australian game developer Immutable and blockchain scaling startup StarkWare, bringing together the Layer 2 scaling knowledge of StarkWare with the understanding of Immutable of NFTs.

Immutable was founded by entrepreneur James Ferguson, who previously led a software development team at a major e-commerce vendor, and his brother Robbie Ferguson, also an entrepreneur. The company raised $ 15 million in a Series A funding round in September 2019 to accelerate development of its flagship collectible card game, Gods Unchained. The round was led by tech investment firm Naspers Ventures and Galaxy Digital EOS VC fund managed by Galaxy Digital, a blockchain-focused investment bank. Apex Capital Partners also participated.

“Currently, trading on the Ethereum network is on hold,” says Immutable’s developer guide. “The network currently supports approximately 150,000 non-fungible token transactions per day at 30% network utilization. Transactions can fail on occasion, returning assets to owners instead of negotiating them, and processing time is inconsistent, sometimes taking more than an hour. This is not only annoying for users trying to trade, it can also cause problems for developers who are building on the network.

“In addition, developers are unable to create NFTs in a sustainable manner, which prevents projects from properly raising funds to continue to expand and create more content for their users. Our plan is for Immutable X to support over 200 million transactions per day while consuming less than 30% of Ethereum’s capacity.

Immutable X aims to provide “instant trading, massive scalability, and zero gas fees for strike and trade, all without compromising user or asset security,” according to the project’s white paper.

Immutable X has a ZK-rollup scaling engine to increase the scalability of the Ethereum blockchain, while maintaining its underlying security. Rollups aggregate “a large number of transactions, generating a” proof of validity “for those transactions, then submitting that proof to an L1 smart contract,” the white paper notes, adding: “To use the words of the co-founder of Ethereum Vitalik Buterin, “The Ethereum ecosystem is likely to be all-in-one rollups as a scaling strategy for the near to medium term future.”

Stacking Immutable X enables over 9,000 NFT transfers, transactions, and mints per second.

Immutable launches a native IMX token

Immutable X announced its ERC-20 IMX token in July and launched a game-to-win campaign for players of its Gods Unchained game to receive a share of 10 million IMX tokens distributed as retrospective milestone rewards and An additional 40 million distributed as alpha milestone rewards ahead of the November launch.

The IMX token is designed to accelerate the growth of Immutable X by rewarding users for protocol adoption and trading, thereby helping to build an NFT ecosystem on the platform.

A user earns points for every action that benefits Immutable X. A pool of rewards is distributed proportionally based on the number of points a user holds.

The offer of IMX tokens amounts to 2 billion dollars, allocated to the development of the ecosystem, the development of projects, the sale of tokens and the reserve of the foundation.

IMX power supply

IMX has three main uses:

  1. 20% of each transaction commission is paid in IMX. If a user does not own IMX, their ETH will be automatically converted to IMX.

  2. The transaction fees are sent to a staking rewards pool that will be distributed proportionally among the users who stake their IMX tokens.

  3. Users have an IMX weighted vote in protocol governance decisions.

The Immutable X coin chart shows that IMX traded at $ 6.84 when it launched on November 5 and closed at $ 5.24. The price slipped to $ 3.05 on November 8, but rebounded and hit a new high of $ 9.50 on November 26, when it reached a total locked-in value (TVL) of $ 250 million.

Cryptocurrency exchange Kucoin has announced that it will start listing the token from November 29.

By December 6, the IMX price had fallen back to $ 4.50, and while it climbed back to $ 6.57 on December 9, it fell to $ 3.94 on December 20. The price broke the $ 4.50 level on December 22.

What do the latest forecasts indicate for the IMX price in the months and years to come?

Immutable X (IMX) performance of all time

Immutable X Price Prediction (IMX): Is the token a buy or a sell?

CoinCodex’s immutable X technical analysis was bearish at the time of writing (December 23) with a price of around $ 4.32, with an indicator showing bullish signals and 14 “sell” signals.

The 3- to 21-day Simple Moving Averages (SMA) and Exponential Moving Averages (EMA) were bearish, along with the Stochastic Relative Strength Index (RSI) and volume-weighted moving average. The Hull Moving Average gave a buy signal, while the Directional Average Index (ADX), Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) remained neutral.

There was technical support at $ 4.40 up to $ 4.18, with resistance at $ 4.62 and up to $ 4.84, according to the data.

CoinCodex predicted that the unchanging value of coin x could rise 1.87% to $ 4.40 by December 28.

Meanwhile, Wallet Investor’s Immutable X token price prediction was bearish on the near-term outlook, predicting that the IMX could dip to $ 2.888 by the end of the month. He expected the token to lose value further in 2022, ending the year at $ 2.504 and falling to $ 0.426 by the end of 2023. But the algorithm-based prediction site predicted that the price could rise to $ 0.695 by the end of 2024 and return above $ 2 to $ 2.149 by the end of 2025.

Gov Capital has predicted that the price of the IMX token could collapse to zero by September 2022, from $ 5.312 at the start of the year.

However, Price Prediction’s IMX token forecast was bullish, estimating that the price could average $ 7.24 in 2022 and climb more than 200% to an average of $ 23.09 in 2025. The token could then gain another 500% to reach an average of $ 146.60 in 2030.

DigitalCoin had a similar outlook for 2022 at an average price of $ 6.89, but forecast slower growth than Price Prediction, with IMX expected to average $ 8.49 in 2025 and $ 18.15 in 2028, peaking at $ 19.38.

It’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict the price of a coin in a matter of hours, and even more difficult to give long-term estimates. As such, algorithm-based analysts and forecasters can and do get it wrong.

We recommend that you always do your own research, keep up with the latest news on Immutable X crypto, and take into account the latest market trends, technical and fundamental analysis, and expert opinions before making any investment decisions. . Keep in mind that past performance is no guarantee of future returns. And never invest more than you can afford to lose.

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Read More: Cardano Price Prediction: Can ADA Be Relaunched After Recent Slumps?

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade a CFD.
You can still benefit if the market moves in your favor, or suffer a loss if it moves against you. However, with traditional trading, you enter into a contract to exchange legal ownership of individual stocks or commodities for cash, and you own it until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the total value of the CFD trade to open a position. But with traditional trading, you buy the assets for the full amount. In the UK there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs come with overnight costs to hold trades (unless you’re using 1 to 1 leverage), making them more suitable for short-term trading opportunities. Stocks and commodities are more normally bought and held longer. You could also pay a commission or brokerage fees when buying and selling assets directly and you would need a place to store them safely.

Capital Com is an execution-only service provider. The material provided on this website is for informational purposes only and should not be construed as investment advice. Any opinion that may be provided on this page does not constitute a recommendation of Capital Com or its agents. We make no representations or warranties about the accuracy or completeness of the information provided on this page. If you rely on the information on this page, you do so entirely at your own risk.

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