Gaming is a multi-billion-dollar industry, and yet, even with crypto leveling the field, regulation is critical. If there is clarity, especially in the United States, IMX crypto, the token behind the NFT-focused layer-2 for Ethereum, ImmutableX, could be the biggest beneficiary.
As of September 30, IMX USD is steady, shaking off the weaknesses of the past year. The IMX crypto is up a decent +35% in the last month of trading, adding +3% in the previous week. However, IMX USDT is still in the red, losing -58% year-to-date.
(Source: IMX USDT, TradingView)
Zooming into the ImmutableX ecosystem, it is clear that users are still active despite the general decimation of NFTs after the boom in 2021. According to L2Beat, ImmutableX currently manages $35M worth of assets. It stood at nearly $295M in March 2024, but more assets have been withdrawn over the months. The good news is that ImmutableX total value locked (TVL) has been stable above $30M in the past three months.
(Source: L2Beat)
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Will IMX Crypto Pump Above $1?
There is a direct correlation between TVL and price action. When IMX USDT spiked from the second half of 2023, its TVL also rose.
From early July, IMX crypto prices have been trending higher, rallying from around $0.35 and peaking at $0.96 in September. The spike represented a near +300% surge.
This uptrend is still valid, and as long as IMX USDT bulls trend above $0.50 and $0.65, there could be opportunities for buyers to push higher. As it is, the first target will be September highs and later $1.
While reclaiming $1 would be a milestone, it will still be far from where IMX USD last traded in 2021. At peaks, IMX crypto soared to as high as $9.52 before tanking -92% to spot rates, per Coingecko data.
(Source: Coingecko)
On X, one analyst thinks the next target for optimistic IMX crypto bulls is $1.15 and later $2. In his analysis, he notes that IMX USDT reclaimed the 21-period EMA, clear in the weekly chart, before accumulating.
If IMX USDT tears higher, a +50% rally from around spot rates to $1.15 will be plausible. However, if the uptrend continues and volume picks up, IMX USDT should rally to as high as $2.
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Will CLARITY ACT Drive ImmutableX And IMX USDT To $1?
As bullish as this outlook is, regulations will play a key role in funneling demand. Just like the GENIUS Act opened up DeFi, allowing tech companies to launch USD-backed stablecoins, the CLARITY Act will be a game-changer for gaming tokens, some of which are built on ImmutableX.
