IMX down by 6% and could dip lower despite Nifty Gateway partnership

Immutable X partnered with Nifty Gateway a few hours ago, but that hasn’t been enough to push IMX higher in the short term.

IMX, the native coin of the Immutable X network, is down by more than 6% in the last 24 hours. The poor performance comes despite Immutable X announcing a major partnership.

The Immutable X team announced a few hours ago that it had partnered with Nifty Gateway, an all-in-one platform that empowers users to buy, sell, and store digital art and collectibles.

Welcome @niftygateway to the IMX family!

We are partnering with Nifty Gateway to be the first chain added outside of ETH to offer a premium and frictionless trading experience to the web3 gaming space #onIMX

Here is to onboarding the next billion people 🤝 pic.twitter.com/UMeLmiaoyA

— Immutable 🅧 – $IMX (@Immutable) October 18, 2022

This latest cryptocurrency news means that Nifty Gateway is the first chain added outside of Ethereum that offers a premium and frictionless trading experience to the web3 gaming space on the Immutable X network.

IMX’s poor performance also comes as the broader cryptocurrency market losses some of the gains it had accumulated earlier this week.

The broader market has lost more than 1% of its value today, with the total crypto market cap now at $925 billion.

Bitcoin is down by more than 2% in the last2 4 hours and is now trading at around $19,200 per coin.

Key levels to watch

The IMX/USD 4-hour chart is bearish, as Immutable X has been underperforming over the last 24 hours.

IMX/USD Chart By TradingView

The MACD line has been below the neutral zone for more than a month now, indicating that the bears have been in control for a while.

The 14-day relative strength index of 30 shows that IMX could soon enter the oversold region.

At press time, IMX is trading at $0.594 per coin. If the bearish trend continues, IMX could drop below the first major support level at $0.5492 before the end of the day.

With the broader market in a bearish state, IMX could record further losses over the coming hours and likely drop below the $0.515 support level for the first time in months.