Immutable Token Defies Logic: Price Slumps Despite Guild of Guardians NFT Sales Surge
GameFi's latest paradox hits the charts—Immutable's token tanks while its flagship NFT game racks up sales. Traders left scratching their heads as the usual 'buy the rumor, sell the news' playbook gets tossed out the window.
Guild of Guardians—Immutable's golden goose—keeps laying NFT eggs, but the market's allergic to golden geese these days. Another day in crypto where fundamentals take a backseat to vibes.
Wall Street analysts would have an aneurysm—good thing they're too busy shorting meme stocks to notice. The play-to-earn revolution marches on, even when the tokenomics look like abstract art.
Immutable price technical analysis
The daily chart shows that the IMX price peaked at $0.8100 in May as most cryptocurrencies rallied. It then pulled back to $0.50, its lowest point since May 8.
IMX has since dropped below its 50-day Exponential Moving Average, while both lines of the MACD have crossed below the zero line. The Relative Strength Index has also tilted downward and is approaching oversold territory.
Given these signals, the token will likely continue falling as sellers target key support at $0.3458, its year-to-date low. A drop to this level WOULD complete a double-bottom pattern, which could signal a rebound back to the neckline at $0.8100. However, a decisive move below that support would invalidate the bullish setup.
