The cryptocurrency market carried out effectively over the weekend after the huge losses recorded final week.
The cryptocurrency market recorded big losses final week, with billions of {dollars} worn out from the most important cash and tokens. The whole market cap dropped under the $1 trillion mark for the primary time this 12 months a week in the past.
However, the market recovered a few of its losses over the weekend. The cryptocurrency market is up by greater than 8% within the final 24 hours, with the whole market cap now round $900 billion.
Bitcoin slipped in the direction of the $17k mark over the weekend however has now rebounded and at present trades above $20k per coin. Meanwhile, Ether maintains its worth above $1,100 after including greater than 9% to its worth within the final 24 hours.
IMX, the native token of the Immutable X ecosystem, additionally carried out excellently over the previous 24 hours. IMX is up by greater than 9% and at present trades above $0.80 per coin.
The catalyst behind this ongoing rally is the launch of the $500 million ecosystem fund by Immutable X. Robbie Ferguson, the co-founder of Immutable X, introduced over the weekend that that they had launched a $500 million ecosystem fund. He added that the fund is designed to again the subsequent technology of Web3 video games.
We’re launching @immutable‘s $500M fund to again the subsequent technology of web3 video games.
The subsequent billion customers of web3 will come from gaming.
Progress waits for nothing – let’s construct. https://t.co/MjNULybdhA
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— Robbie Ferguson ⓧ – Hiring! (@0xferg) June 18, 2022
Key ranges to observe
The IMX/USD 4-hour chart is bullish as Immutable X has been performing effectively over the previous 24 hours.
The MACD line is inside the impartial zone, indicating that IMX is not bearish in the mean time. The 14-day RSI of 60 reveals that IMX is out of the oversold area and will quickly enter the overbought zone.
If the rally continues, IMX might surge previous the primary main resistance stage at $0.898 earlier than the top of the day. In the occasion of prolonged optimistic efficiency, IMX might make a transfer in the direction of the second main resistance stage at $0.96 over the approaching hours or days.
