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Immutable X has introduced a redesigned Trading Rewards program.
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IMX rose about 5% today and may continue to climb in the short term.
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The total crypto market capitalization appears to be moving toward $880 billion.
Immutable X launches its new trading rewards design
Immutable X announced an upgraded Trading Rewards system that replaces the previous model with a points-based structure. Under the new design, traders earn points according to their daily trading volume, and those points are then converted into IMX token rewards. The change aims to simplify incentives and better align rewards with user activity on the platform.
$IMX Rewards introduces a 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 — Immutable (@Immutable) December 14, 2022
This update has coincided with a short-term price uptick for IMX, the native token of the Immutable X network. At the time of writing, Immutable X is trading near $0.4441, representing a gain of more than 5% on the day. With bullish momentum, IMX could test the near-term resistance around $0.50.
The broader crypto market has also shown strength over the past 48 hours. Total market capitalization sits around $871 billion, up more than 2% on the day, suggesting improved sentiment across major digital assets. Bitcoin posted gains near 3.5% and is approaching the $1,800 resistance level, while Ether has reclaimed and moved above the $1,300 psychological mark.
Key levels to watch
On the IMX/USD 4-hour chart, technical indicators are signaling a potential bullish turn as buyers have taken control in recent sessions. The MACD line is approaching a positive crossover, which could confirm rising momentum if it occurs. The 14-day RSI is near 68, indicating the asset is close to entering overbought territory but still has room to run if buying pressure continues.
IMX/USD Chart By TradingView
If current momentum holds, IMX could push past the immediate resistance at $0.50. A sustained rally, supported by continued strength in the overall cryptocurrency market, might see IMX challenge the next notable resistance level near $0.592— a level the token has not tested in the past three weeks.
Where to buy Immutable X now
Immutable X (IMX) is available on a range of cryptocurrency exchanges and trading platforms. When selecting a platform, consider factors such as fees, liquidity, payment methods, and security. Always perform your own research and use reputable services when buying or trading digital assets.