ImmutableX Price Prediction as Amazon Web Services Adds Platform to List of Partners – Can IMX Reach $100?
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.
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
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