The bullish case for Immutable X (IMX) price in 2024 – VanEck

December 09, 2023 12:52 AM AEDT | By Invezz
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Immutable X (IMX) price has done well in the past few weeks as the alt season continues. It jumped to a high of $1.60 on Friday, the highest it has been since May 2022. Like other altcoins it has jumped by double-digits from the lowest level in 2022, giving it a market cap of over $1.9 billion, making it the 40th biggest cryptocurrency in the world.

Immutable X has more upside in 2024, according to VanEck, the financial services giant with over $65 billion in assets under management (AUM). In a report, the company said that the platform has a growing market share in the blockchain gaming industry, thanks to the quality of games in the platform.

VanEck believes that Immutable will do well because of games like Illuvium, Guild of Guardians, and other high-profile games. Unlike games in the WAX Blockchain, these ones are high-budget games that will not be easy to farm. In a statement, Robbie Ferguson, the co-founder of Immutable said:

“Recognition from VanEck, one of the world’s top 10 ETF issuers, is exceptional validation of the work we’ve been doing for web3 games since we built the first decentralized game on any blockchain in 2017. Over the last year, Immutable has built more than 200+ highly funded games and close to 70% market share. 2024 is going to be the year these go live, and we see tens of millions of users adopt web3 via gaming.”

The report came a day after Immutable X announced a partnership with Merit Circle DAO, one of the leading DAOs in the gaming industry. The deal will see Immutable expand in the DAO, which is made up of Beam (an open-source blockchain) and Sphere (a digital asset marketplace). 

As part of this partnership, Beam will also launch on Immutable’s zkEVM, a powerful scaling solution powered by Polygon. Also, it will incorporate some of Immutable’s features like Orderbook and Passport, which are essential in the creator industry.

Meanwhile, Illuvium has continued building and its gaming ecosystem is gaining market share. Most recently, the company partnered with Team Liquid, a leading player in the e-sport industry.

Immutable X

IMX chart by TradingView

Therefore, there is a likelihood that Immutable X price will continue doing well in the coming months. Technically, we see that the IMX token is sitting at an important resistance level, which was the highest swing on March 18th. The 50-day and 100-day moving averages have also formed a bullish crossover. Therefore, there is a possibility that it will jump to $2 soon.

The post The bullish case for Immutable X (IMX) price in 2024 - VanEck appeared first on Invezz


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