The cryptocurrency market performed well over the weekend after the massive losses recorded last week.
The cryptocurrency market recorded huge losses last week, with billions of dollars wiped out from the major coins and tokens. The total market cap dropped below the $1 trillion mark for the first time this year a week ago.
However, the market recovered some of its losses over the weekend. The cryptocurrency market is up by more than 8% in the last 24 hours, with the total market cap now around $900 billion.
Bitcoin slipped towards the $17k mark over the weekend but has now rebounded and currently trades above $20k per coin. Meanwhile, Ether maintains its price above $1,100 after adding more than 9% to its value in the last 24 hours.
IMX, the native token of the Immutable X ecosystem, also performed excellently over the past 24 hours. IMX is up by more than 9% and currently trades above $0.80 per coin.
The catalyst behind this ongoing rally is the launch of the $500 million ecosystem fund by Immutable X. Robbie Ferguson, the co-founder of Immutable X, announced over the weekend that they had launched a $500 million ecosystem fund. He added that the fund is designed to back the next generation of Web3 games.
We’re launching @immutable’s $500M fund to back the next generation of web3 games.
The next billion users of web3 will come from gaming.
Progress waits for nothing – let’s build. https://t.co/MjNULybdhA
— Robbie Ferguson ⓧ – Hiring! (@0xferg) June 18, 2022
Key levels to watch
The IMX/USD 4-hour chart is bullish as Immutable X has been performing well over the past 24 hours.
The MACD line is within the neutral zone, indicating that IMX is no longer bearish at the moment. The 14-day RSI of 60 shows that IMX is out of the oversold region and could soon enter the overbought zone.
If the rally continues, IMX could surge past the first major resistance level at $0.898 before the end of the day. In the event of extended positive performance, IMX could make a move towards the second major resistance level at $0.96 over the coming hours or days.