The cryptocurrency market lost nearly $100 billion in the past 24 hours, with a large number of coins and tokens trading in the red zone.
The cryptocurrency market has been in a bearish trend for the past few months, and things took another negative turn this week. The total cryptocurrency market capitalization has fallen below $900 billion, down more than $2.2 trillion from its all-time high set in November 2021.
At press time, the total market capitalization is less than $900 billion. Bitcoin and other major cryptocurrencies have recorded huge losses over the past few days.
Bitcoin is trading just above the $21,000 support level, while Ether could dip below $1,000 if the bearish trend continues.
IMX, the native token of the Immutable X ecosystem, is down more than 6% in the past 24 hours. This latest development comes despite Immutable X announcing a major partnership deal with TurnerSportsPR.
TurnerSportsPR is the leading sports news brand with platforms such as Bleacher Report, TNT and TBS.
Under the terms of the agreement, Immutable X will partner with TurnerSportsPR to create blockchain games for top sports events powered by StarkWare.
We are entering into a strategic partnership with @TurnerSportsPR to build blockchain games for top sports, powered by StarkWare
Turner Sports, home to Bleacher Report, TNT, TBS, has been innovating in web3 gaming since 2017, and we’re delighted that they are innovating on IMX L2. pic.twitter.com/ilmHd1MNmA
— Immutable | $IMX ⓧ (@Immutable) June 14, 2022
Key Levels to Watch
The 4-hour chart of IMX/USD is currently very bearish as Immutable X has recorded huge losses over the past few days.
The MACD line is below the neutral zone, indicating bearish momentum. The 14-day RSI of 36 suggests that IMX may soon enter oversold territory.
Immutable X is trading at $0.68 per coin at press time. If the bearish trend continues, IMX could dip below the $0.55 resistance in the next few hours.
Barring a massive sell-off, IMX should hold above the psychological $0.50 level in the near term.