The price of ImmutableX (IMX) has dropped by 2.5% in the past 24 hours, despite Immutable announcing yesterday that it had joined Amazon’s ISV Accelerate Program.
At $0.517790, IMX is down by 9% in a week, yet the altcoin remains up by 4% in the past month and by 34% since the beginning of the year.
Immutable’s addition to Amazon’s accelerator means that it the Ethereum-based Web3 gaming platform will gain privileged access to development leads, as well as support for deal closures and up to $100,000 in AWS cloud credits.
This news could lead to greater adoption for Immutable and more demand for IMX, which could potentially see significant rallies in the coming weeks.
ImmutableX Price Prediction as Amazon Web Services Adds Platform to List of Partners – Can IMX Reach $100?
IMX’s chart continues to indicate weakness and overselling, yet the flipside of this is that the altcoin is overdue a big rebound, with now potentially being a very opportune moment to buy the token at a discount.
IMX’s relative strength index (purple) has declined back down to 40 in the past couple of weeks, indicative of a loss of momentum and an increase in selling pressure.
Likewise, the coin’s 30-day exponential moving average (yellow) remains well below its 200-day average (blue), another sign of excessive selling and of the coin being undervalued relative to previous price levels.
Yet even with today’s dip, IMX’s support level (green) would suggest that it shouldn’t fall much further.
It will therefore be instructive to see whether it can resist falling below $0.515, a level which might signal further losses if it’s breached.
Yet even if it is, any additional losses should be brief, with the aforementioned Amazon news highlighting Immutable’s increasingly strong fundamentals and its future growth potential.
Indeed, data suggests that Immutable has already grown significantly since launching towards the end of 2021, with the platform boasting more than 100 games launched on its platform as of the start of 2023.
August also saw it reach the milestone of 1.7 million active gamer wallets, providing another clear sign of its encouraging growth.
And with the Amazon accelerator program likely to open more doors for Immutable, the platform is likely to grow and evolve further in the next few months and years.
As such, IMX could reach $1 by the end of the year, with a fully fledged bull market in 2024 potentially pushing it up to $5 or higher.
Other Promising New Altcoins
There’s currently no shortage of interesting new alts in the market right now, from more familiar examples such as IMX to newly launched tokens that have only just opened their presales.
One strong example of the latter kind of coin is Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that launched its presale at the end of September and has already raised more than $1 million.
Most presale coins can only dream of reaching such a figure, with Bitcoin Minetrix’s ability to do this (and so quickly) attesting to the growing confidence investors have in the new project.
What’s attracting buyers is the fact Bitcoin Minetrix will provide users with the ability to earn mined Bitcoin, simply by staking the platform’s native BTCMTX token.
This will open up Bitcoin mining to a wider pool of potential participants, with users who stake BTCMTX receiving tokenized mining credits in return, which they can use to purchase Bitcoin hashpower.
So if they stake enough BTCMTX, not only will they receive newly minted BTCMTX as a reward, but they will also receive newly minted BTC.
As a cryptocurrency, BTCMTX will have a total supply of 4 billion, with its presale receiving 1.4 billion of this.
It can be bought as part of the sale by going to the official Bitcoin Minetrix website, where users can connect their crypto wallets, such as MetaMask and Wallet Connect.
BTCMTX currently costs $0.011, yet this will rise to $0.01190 by the sale’s tenth and final stage.
From there, the coin will list on exchanges, and if its presale is anything to go by, it could end up rallying big.
Visit Bitcoin Minetrix Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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