IMX is down by 9% but will it recover soon after Nifty Gateway launches on Immutable X?

Nifty Gateway officially launches on the Immutable X network.
IMX has lost nearly 10% of its value and could dip further before the end of the day.
The broader crypto market continues its poor performance this week.

Nifty Gatesway launches on Immutable X

IMX, the native token of the Immutable X Layer-2 blockchain, is down by more than 9% in the last 24 hours. At press time, the price of Immutable X stands at $0.44 per coin.

Nifty Gateway, a leading NFT marketplace, officially went live on the Immutable X network on Wednesday. According to the Immutable X team, they would work on high-quality games, looking for a premium drop experience provided by Nifty Gateway.

We’re excited to share that @niftygateway is officially live on ImmutableX!

They are the MOST premium marketplace for NFTs. They are expanding beyond art and into gaming #onIMX where we will work together to onboard the next billion users into web3 🧵
https://t.co/tkKUZ6mqV4 pic.twitter.com/AbBgtfpkvd

— Immutable 🅧 – $IMX (@Immutable) December 7, 2022

This latest cryptocurrency news wasn’t enough to get IMX out of its ongoing bearish trend. The broader cryptocurrency market has also been underperforming over the last 48 hours. The total crypto market currently stands at $840 billion, down by 1.6% in the last 24 hours.

Bitcoin and Ether, the two leading cryptocurrencies by market cap, have also been bearish lately. Bitcoin is down by more than 1% so far today and is trading around $1,680 per coin, while Ether has lost 2.6% of its value and is now trading at $1,229.

Key levels to watch

The IMX/USD 4-hour chart has turned bearish as Immutable X has been underperforming in the last few days. The broader crypto market is outperforming IMX at the moment.

IMX’s MACD line dropped into the negative zone yesterday, indicating that the bears have taken control of the Immutable X market. The 14-day RSI of 39 shows that IMX could enter the oversold region soon.

With the bears in charge, IMX could dip below the $0.3984 support level before the end of the day. However, unless the bulls recover quickly, IMX could slip toward the $0.3761 support level in the near term.