Leading layer-2 scaling solution ImmutableX (IMX) has entered major retracement, as IMX price drops suddenly following a skyrocketing price move yesterday, but with panicked IMX holders asking ‘Is ImmutableX Going to Zero?’ – could this emerging crypto gem offer better returns?
The sudden drop in IMX price has left markets reeling, as IMX now ranks as the biggest daily loser in the top 100 cryptocurrencies.
So far so good for $IMX, similar to $UNFI Chart!#IMX is inside the Parallel Rising channel, monthly candle is still green!
Let’s see if this support holds as i expect it to Hold! pic.twitter.com/saCalhRFbN
— Wallstreet XBT (Binance Bot) (@WallstreetXBT) November 7, 2023
Eagled-eyed crypto traders remain with bullish sentiment following the dramatic retrace, noting that IMX is still in the green on month-on-month growth at +48%.
IMX Price Analysis: Is ImmutableX Going to Zero After Dramatic Retracement Move?
As ImmutableX heads south in retracement, IMX price is currently trading at a market price of $0.82 (representing a 24-hour change of -9.52%).
The retracement move was triggered as IMX price hammered-up to a local high of $1.28 following an impressive +47% daily candle.
This comes on the tail-end of strong technical posture, as IMX price mounted the 20DMA on October 22, and then broke above the 200DMA on November 4.
The 20DMA (sat at $0.68) is now ascendant heading for an imminent golden cross with the 200DMA (sat at $0.69) in an unfurling bullish move.
However, the -35% retracement has failed to significantly cool-off an overheated RSI, which remains showcasing bearish divergence at 66.97 – suggesting further retracement is likely.
The MACD contrasts this view however, demonstrating bullish momentum at 0.0241, in reflection of the positive month-on-month growth.
Overall, IMX price looks strong here, retracement and consolidation will be necessary ahead of another push up – but a near golden cross of key moving averages suggests that price will post a second rally leg.
This leaves IMX price with an upside target at $1.13 (a possible +36.75%).
While IMX price faces downside risk down to $0.73 (a potential -11.65%).
IMX price therefore carries a risk: reward structure of 3.15, an attractive entry that indicates ImmutableX is not going to zero anytime soon.
But while IMX price continues its retracement move, an emerging meme coin gem is undertaking a skyrocket presale move – offering the potential for equally dramatic profits on the near horizon.
Meme Kombat Hits $1.27M in Funding As Meme Coin Capital Floods Into Presales
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
— Meme Kombat (@Meme_Kombat) November 7, 2023
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.
Meme Kombat Pits Leading Crypto Meme Communities in High Octane Staking Battles
The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $0.183, and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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