Immutable Surpasses Ethereum in NFT Sales: Will IMX’s Double Bottom Hold?

Summary:
Immutable’s IMX token is displaying a promising double-bottom pattern as the network surpasses Ethereum in weekly NFT sales, marking a significant achievement in the race for dominance in Web3. Despite the recent upswing, challenges such as falling active wallet engagement and an increase in the token supply on exchanges may pose threats to the rally.

Key Takeaways

Immutable’s NFT sales have reached $34.9 million, surpassing Ethereum’s.
The IMX token shows a bullish double-bottom pattern, with potential growth toward $0.8100.
Unique active wallets interacting with Immutable’s games have declined by 17% in the last month.
The supply of IMX tokens on exchanges has risen significantly, raising concerns about market dynamics.

Immutable Surpasses Ethereum in NFT Sales

Main Content

Immutable's IMX token is currently showcasing a bullish double-bottom pattern, coinciding with its recent achievement of exceeding Ethereum's NFT sales for the week—a major milestone in the ongoing competition for Web3 supremacy. Currently, Immutable's (IMX) trading volume has soared to $34.9 million, largely propelled by popular games such as Guild of Guardians. Although the token has rebounded slightly from its recent lows, concerns linger due to a decline in active wallet engagement and a notable rise in IMX token supply available on exchanges.

At present, bulls are targeting a possible ascent of 98% towards the pattern's neckline at $0.8100, so long as support remains intact. As of Friday, June 27, Immutable was trading at $0.419—above the crucial double-bottom point of $0.3458. Nevertheless, the token is still down 50% from its peak in May and a staggering 90% from its high last year. The latest update on Saturday indicates that Immutable is trading around $0.415.

According to CryptoSlam data, Immutable is now the leading platform in the NFT sector, surpassing notable competitors like Ethereum, Solana, Avalanche, and Mythos. NFT sales on Immutable rose by 23% in the past week, hitting over $34.9 million, while the number of buyers jumped nearly 20% to a total of 11,080. In contrast, Ethereum's NFT volume increased by 33% to reach $25.8 million.

Significant sales have been recorded for Immutable’s Guild of Guardians Heroes, which saw a sales increase of 21% to over $20 million. NFT sales for Guild of Guardians Avatars rose by 18% to $8.1 million, and Gos Unchained Cards experienced a substantial 41% rise to $6.5 million.

However, it’s worth noting that not every aspect of Immutable’s ecosystem is thriving. The count of unique active wallets engaging with Immutable’s games has decreased by 17% over the last month, landing at around 1 million. This decline positions Immutable as the fifth-largest player in the gaming sector, following Sei, BSC, Skale, and WAX.

Moreover, the availability of IMX tokens on exchanges has experienced a sharp increase. Data from Santiment reveals that the circulating supply of IMX tokens has risen to 174 million, up from 136 million in March.

Analyzing the daily chart, it becomes evident that the IMX price has been on a downtrend in recent months, dipping to the important support level at $0.3458—its lowest point since April. The formation of a double-bottom pattern signals a potential bullish reversal, consisting of two swings and a neckline at $0.8100.

Hence, it is plausible that the token may bounce back and possibly retest the neckline at $0.8100, representing an increase of 98% from the current price level. However, a drop below the critical double-bottom point at $0.3458 would negate this optimistic outlook.