- ImmutableX to launch passport in April, 2023.
- Token Unlock scheduled for February 25.
- W2E live on IMX for NBA events.
ImmutableX (IMX) has announced plans to launch its Immutable Passport in April to buttress the arrival of new gamers to the web3 platform. Founder of IMX, Robbie Ferguson, expressed the growth of web3 games needing facilities like invisible onboarding to platforms supported by all possible devices. The tool can be deployed like a non-custodial wallet, that works as a solution authenticator and a gamer profile, at the same time.
Adding to the growth of web3 platform, B/R Watch to Earn (W2E) has partnered with National Basketball Association (NBATV) and Bleacher Report to provide W2E facility on IMX platform. This will shed more light to the platform’s potential and prospects in the web3 ecosystem.
All these uplifters seem to be going weak as the investors are hooked on the scheduled token unlock for February 25. The unlock is set to release $13.2 million IMX tokens. IMX’s total unlock amount will be released in parts with $485.2 thousand each day. The prices seem to take an overwhelmed impact of the unlock as they have embarked on the downtrend already.
Here’s What the Charts Reveal
The IMX prices, after rising high, have started to fall as the unlock approaches. The prices rose by 30 % in the past day but lost about 5% in the intraday session. The EMA ribbon lies beneath the price movement, forming bullish crossovers all over, but don’t seem to affect prices. The volume saw a dramatic fall with devoted sellers to prevent loss around the predicted downtrend. The OBV observed a downtick due to the same reasons, indicating the emotions to be unfavorable for the token.
The CMF falls closer to the zero-mark to show a bullish trend transforming into a bearish one. The MACD records deserted buyer participation as they vacate the market for sellers to take over. The RSI, after reaching near the overbought zone, suggests price reversal, supporting the current price action.
The Peephole
The smaller time frame suggests the downtrend to continue till the final unlock. The IMX prices are met with selling pressure at the level from where it is retracing. The CMF slips below the baseline to show approaching bears. The MACR records sellers gaining power as the lines diverge wide in favor. The RSI falls to the half line showing loosening buyer grip.
Conclusion
The IMX platform is trying to cushion the price fall by brand new integrations, but all seem to fail in front of the unlock event. The prices are falling uncontrollably and may test several support zones.
Technical levels
Support levels: $0.66 and $0.37
Resistance levels: $1.05 and $1.20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/02/06/imxs-unlock-overshadows-new-launches-price-drops-arriving/