The cryptocurrency market performed successfully over the weekend after the massive losses recorded closing week.
The cryptocurrency market recorded astronomical losses closing week, with billions of greenbacks wiped out from the predominant coins and tokens. The entire market cap dropped under the $1 trillion imprint for the first time this year a week within the past.
Nevertheless, the market recovered some of its losses over the weekend. The cryptocurrency market is up by greater than 8% within the closing 24 hours, with the entire market cap now spherical $900 billion.
Bitcoin slipped in direction of the $17ok imprint over the weekend however has now rebounded and within the period in-between trades above $20ok per coin. Within the meantime, Ether maintains its imprint above $1,100 after adding greater than 9% to its price within the closing 24 hours.
IMX, the native token of the Immutable X ecosystem, furthermore performed excellently at some level of the last 24 hours. IMX is up by greater than 9% and within the period in-between trades above $0.80 per coin.
The catalyst within the again of this ongoing rally is the delivery of the $500 million ecosystem fund by Immutable X. Robbie Ferguson, the co-founder of Immutable X, introduced over the weekend that they had launched a $500 million ecosystem fund. He added that the fund is designed to again the following generation of Web3 video games.
We’re launching @immutable’s $500M fund to again the following generation of web3 video games.
The subsequent billion users of web3 will come from gaming.
Development waits for nothing – let’s construct. https://t.co/MjNULybdhA
🧵
— Robbie Ferguson ⓧ – Hiring! (@0xferg) June 18, 2022
Key levels to sight
The IMX/USD 4-hour chart is bullish as Immutable X has been performing successfully at some level of the last 24 hours.
The MACD line is at some level of the neutral zone, indicating that IMX is no longer bearish within the period in-between. The 14-day RSI of 60 reveals that IMX is out of the oversold situation and might perchance well likely quickly enter the overbought zone.
If the rally continues, IMX might perchance well likely surge previous the first predominant resistance level at $0.898 sooner than the finish of the day. Within the match of prolonged certain efficiency, IMX might perchance well likely affect a creep in direction of the 2d predominant resistance level at $0.96 over the approaching hours or days.
