Technical Analysis: Gamestop Partnership Sends IMX 35% Higher
Immutable X avoided Thursday’s red wave, and was one of this week’s biggest crypto gainers, following news of a partnership with Gamestop. IMX climbed by over 35% today, with QNT also extending recent gains. As of writing, crypto markets were almost 4% lower.
Despite the bearish pressure on crypto markets this Thursday, there were a few big movers during the course of today’s trading session.
Quant was once again higher, climbing by as much as 14% early in the session, however it was immutable x which stole today’s headlines.
As of writing, IMX was trading over 30% on Thursday, after news broke of a partnership with Gamestop, which would see the two link to build a NFT marketplace.
Today’s rally saw IMX/USD break past 2 resistance levels, before finally falling short at the third hurdle, as traders likely took profits.
Looking at the chart, price initially rallied beyond resistance of $3.00, before blowing past the $3.79 ceiling, hitting an intraday high of $4.25 thereafter.
Although the gain has somewhat eased, late entrants may still attempt to get in on the swing, and this could see further surges.
Although there were many bears present in today’s session, you had to scroll to the very bottom of the top 100 to find Thursday’s biggest.
Render token took today’s honors, and was down close to 13% as of writing, hitting an intraday low of $3.18 in the process.
Following a recent streak of rallies, RNDR/USD finally paused for breath, with prices selling off close to resistance of $3.96.
This selloff saw prices fall to support of $3.14, and pushed the 14-day RSI below 50,after being relatively overbought in recent weeks.
Will we continue to see further decline in render token this week? Let us know your thoughts in the comments.