Immutable X’s new trading reward design could push IMX past $0.50 soon

Immutable X has introduced a new Trading Rewards design.
IMX has added 5% to its value today and could rally higher over the next few hours.
The total crypto market cap could be heading toward $880 billion soon.

Immutable X launches its new trading reward design

Immutable X announced a few hours ago that it has a new and improved trading rewards design. The team explained that the Trading Rewards will now feature a points-based rewards system where traders will earn points based on their daily trading volume that will be converted into.

$IMX Rewards introduces new and improved Trading Rewards design!

Trading Rewards will now feature a points-based rewards system where traders will earn points based on their daily trading volume that will be converted into $IMX https://t.co/6m0gGb8i47

— Immutable 🅧 – $IMX (@Immutable) December 14, 2022

This latest cryptocurrency news has seen IMX, the native token of the Immutable X network, surge by more than 5%. At press time, the price of Immutable X stands at $0.4441 and could rally toward the $0.50 resistance level soon.

The broader crypto market has also been performing well over the last 48 hours. The total cryptocurrency market cap stands at $871 billion, up by more than 2% so far today.

Bitcoin is eyeing the $1,800 resistance level after surging by 3.5% today, and Ether has already topped the $1,300 psychological level.

Key levels to watch

The IMX/USD 4-hour chart is about to turn bullish, as Immutable X has been performing well over the past few days. The technical indicators show that IMX is in the control of bulls at the moment.

The MACD line is close to crossing into a positive zone and could do so soon as the market momentum builds up. The 14-day RSI of 68 also shows that IMX could soon enter the overbought region.

If the rally continues, IMX could move past the first major resistance level at $0.50 before the end of the day. With the support of the broader cryptocurrency market, IMX could attempt to reach the $0.592 resistance level for the first time in three weeks.