- IMX is positioned for a bullish move if it breaks past the $3.70 resistance level.
- SAND could see gains as NFT gaming expands and market enthusiasm grows rapidly.
- Low trading fees and strong adoption may drive price increases in both tokens.
Immutable X (IMX), trading at $1.10, sits below the pivotal 0.5 Fibonacci level, signaling a discounted buying opportunity. A decisive move above the Point of Interest (POI) could propel the token to the buy-side liquidity zone at $3.70. This target aligns with previous highs, reinforcing optimism for a bullish breakout toward its all-time high (ATH) of $4.60 according to a recent analysis by CryptoTale. However, failure to hold the POI risks a slide to $0.85, creating a high-stakes scenario for traders.
Source: X
NFT Adoption and Gas Fees: Driving Ecosystem Growth
IMX’s zero gas fee model, charging a modest 2% protocol fee on secondary trades, has emerged as a catalyst for NFT adoption. By eliminating transaction cost barriers, it attracts users and enhances the broader NFT ecosystem. This model could inspire similar approaches, indirectly boosting interest in projects like The Sandbox (SAND).
Additionally, as NFT gaming adoption accelerates, platforms such as IMX and SAND benefit from their ability to offer unique digital assets and immersive user experiences. At press time, SAND is trading at $0.527 and is facing resistance near $0.55. A breakout here could mirror IMX’s rally, with SAND potentially targeting $0.65 in the short term.
Source: TradingView
Key Technical Levels and Market Dynamics
IMX’s Break of Structure (BOS) observed mid-2023 indicates historical accumulation zones often lead to impulsive rallies. If IMX breaks $3.70, optimism could spread to related tokens like SAND, which historically shows correlated price movement. For SAND, maintaining support at $0.50 is crucial to sustaining any bullish sentiment.
Related: Immutable X Token Review: A Boost for NFT and Gaming Sector
Moreover, the blockchain gaming industry’s growth underpins the potential for interconnected price surges between these tokens. With IMX nearing resistance and SAND showing improving RSI at 50.59, both assets are positioned for impactful market moves. However, caution is essential as market conditions remain unpredictable, requiring traders to monitor liquidity dynamics closely.
This interconnected rally in NFT gaming could present opportunities, driven by fundamentals and market sentiment. Both tokens rely on strong user adoption, reduced trading costs, and broader NFT market traction for growth.
