IMX price hits key support as Immutable Passport signups surge

The Immutable X token is on track for its first weekly loss in four weeks despite the strong performance of its ecosystem.

Immutable

The number of passport users reached 3 million

In an emailed statement, Immutable This is a huge increase since the platform received less than 300 thousand registrations in January.

The ongoing trend is mostly due to three titles that continue to perform well. While RavenQuest attracts over 200 thousand monthly active users, games such as SpaceNation and Immortal Rising 2 attract more attention.

A recent report from Messari also confirmed that Immutable X’s network is growing. Daily active addresses increased 91,900% to 282K in the second quarter, mostly due to the launch of the Main Quest rewards program.

According to Messari, the number of NFT buyers on Immutable increased by 56% quarter over quarter, while the number of sellers increased by 18%.

However, CryptoSlam’s data shows that NFT sales and users have declined over the past 30 days. Sales fell 14.6% to over $14.5 million, while buyers and sellers were down over 82%.

The total value locked in the Decentralized Finance sector also remained at $14.5 million in the last few months.

Immutable X is one of the largest layer-2 networks in the crypto industry. Unlike other layer 2 blockchains like Polygon (POL) and Arbitrum (ARB), it is focused on the gaming and NFT industries.

A key challenge is that it faces significant competition from TON Blockchain, which has become a major player due to the growth of the touch-to-win industry. Other top competitors are Gala Games (GALA) and Ronin (RON).

Immutable X finds support on the 50 EMA Immutable X chart: Source: TradingView

The IMX token found significant resistance at $1.9527 on September 23 and has fallen sharply this week. This decline is mostly due to the ongoing sell-off in the crypto industry due to increasing geopolitical risks.

It has fallen below the key support at $1.70, which was the highest rise in June. On the upside, it found support at the 50-day moving average and formed an inverse head and shoulders pattern, increasing the possibility of a rebound towards the next resistance at $1.70.